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Which statement accurately summarizes the interpretation of Mean Absolute Deviation ( MAD ) and Mean Squared Error ( MSE ) in forecasting? Group of answer
Which statement accurately summarizes the interpretation of Mean Absolute Deviation MAD and Mean Squared Error MSE in forecasting?
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MAD focuses on minimizing large errors, while MSE prioritizes minimizing small errors.
MAD highlights significant forecasting errors, while MSE operates as a meticulous accountant, diligently correcting minor discrepancies in the data.
A lower MADMSE indicates a better forecasting accuracy.
A higher MADMSE suggests a stronger fit of the forecasting model to the data.
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