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In this video, I cover the basics of how to measure Forecast Error in Time Series Forecasting. We examine graphs of the Simple Moving Average, Weighted Moving Average, and Exponential Moving Average forecasts and then calculate three forecast errors (MAD, MSE, and MAPE) for all three models. In this example, we will be using college enrollment data to test the SMA, WMA, and EMA and their respective errors to determine which model is the most accurate in its predictions.
My playlist table of contents, Video Companion Guide PDF documents, and file downloads can be found on my website: www.bcfoltz.com