Question

The difference between the actual value of the time series and the forecasted value is called

Answer 1

Explanation:

In statistics, a forecast 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.

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Answer 2

Forecast error is the correct answer.

Explanation:

• In mathematics, a time series is a series of data points listed in time order, most commonly, equally spaced.
• A time series may have short-term variations, long-term variations, or irregular variations.
• In statistics point of view, a forecast 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).
• Forecast error is a measure forecast accuracy.
• They may be standard or relative errors.
• Standard error are typically errors in the same units as the data.
• Relative error are based on percentages thus, easier to understand the quality of the forecast.