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Forecasting Error Formula

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Forecasting Error is the difference between the actual or real and the predicted or forecast value of a time series or any other phenomenon of interest. Check FAQs

e t = D t - F t

e_t - Forecasting Error?D_t - Observed Value at Time t?F_t - Smooth Averaged Forecast for Period t?

Forecasting Error Example

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Here is how the Forecasting Error equation looks like with Values.

Here is how the Forecasting Error equation looks like with Units.

Here is how the Forecasting Error equation looks like.

5 = 45 - 40

5 = 45 - 40

5 = 45 - 40

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Forecasting Error Solution

Follow our step by step solution on how to calculate Forecasting Error?

FIRST Step Consider the formula

e t = D t - F t

Next Step Substitute values of Variables

∴

e t = 45 - 40

Next Step Prepare to Evaluate

∴

e t = 45 - 40

LAST Step Evaluate

∴

e t = 5

Forecasting Error Formula Elements

Variables

Forecasting Error

Forecasting Error is the difference between the actual or real and the predicted or forecast value of a time series or any other phenomenon of interest.

Symbol: e_t

Measurement: NAUnit: Unitless

Note: Value can be positive or negative.

Formulas to find Forecasting Error

Observed Value at Time t

Observed Value at Time t is the real value from data at time t based on which predictions will be made.

Symbol: D_t

Measurement: NAUnit: Unitless

Note: Value can be positive or negative.

Formulas to find Observed Value at Time t

Smooth Averaged Forecast for Period t

Smooth Averaged Forecast for Period t is the recent observation that is given relatively more weight in forecasting than the older observations.

Symbol: F_t

Measurement: NAUnit: Unitless

Note: Value can be positive or negative.

Formulas to find Smooth Averaged Forecast for Period t

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How to Evaluate Forecasting Error?

Forecasting Error evaluator uses Forecasting Error = Observed Value at Time t-Smooth Averaged Forecast for Period t to evaluate the Forecasting Error, Forecasting error is the difference between the actual or real and the predicted or forecast value of a time series or any other phenomenon of interest. Forecasting Error is denoted by e_t symbol.

How to evaluate Forecasting Error using this online evaluator? To use this online evaluator for Forecasting Error, enter Observed Value at Time t (D_t) & Smooth Averaged Forecast for Period t (F_t) and hit the calculate button.

FAQs on Forecasting Error

What is the formula to find Forecasting Error?

The formula of Forecasting Error is expressed as Forecasting Error = Observed Value at Time t-Smooth Averaged Forecast for Period t. Here is an example- 5 = 45-40.

How to calculate Forecasting Error?

With Observed Value at Time t (D_t) & Smooth Averaged Forecast for Period t (F_t) we can find Forecasting Error using the formula - Forecasting Error = Observed Value at Time t-Smooth Averaged Forecast for Period t.

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Forecasting Error Formula

Forecasting Error Example

Forecasting Error Solution

Forecasting Error Formula Elements

Other formulas in Industrial Parameters category

How to Evaluate Forecasting Error?

FAQs on Forecasting Error

Variable Name