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Measuring Forecast Accuracy You are hired as a consultant to assess a firm's ability to forecast. The firm has developed a point forecast for two
Measuring Forecast Accuracy You are hired as a consultant to assess a firm's ability to forecast. The firm has developed a point forecast for two different currencies presented in the following table. The firm asks you to determine which currency was forecasted with greater accuracy. Show your calculation. (1 point) (hint: For each currency, compute the absolute forecast error as a percentage of realized (actual) value for each period, then calculate its average over the four periods. Compare the average forecast errors of the two currencies) Measuring Forecast Accuracy You are hired as a consultant to assess a firm's ability to forecast. The firm has developed a point forecast for two different currencies presented in the following table. The firm asks you to determine which currency was forecasted with greater accuracy. Show your calculation. (1 point) (hint: For each currency, compute the absolute forecast error as a percentage of realized (actual) value for each period, then calculate its average over the four periods. Compare the average forecast errors of the two currencies)
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