In time series analysis, how do the mean absolute percentage error, the mean squared error, and the mean absolute error measure forecast accuracy?   Question 3 options:   By using the current time series value to estimate how well the forecasting method correctly calculates previous values   By adjusting the scale of the time series data   By predicting the future values and waiting for a specific period of time to determine the accuracy of the predictions   By calculating how well a forecasting method is able to reproduce existing values for time series data

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.