Q. In the context of time series analysis, what is the purpose of "forecast error metrics" such as Mean Absolute Error (MAE) or Mean Squared Error (MSE)?

  • (A) To identify seasonality in the data
  • (B) To evaluate the accuracy of forecasts
  • (C) To remove outliers from the data
  • (D) To determine the order of differencing
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βœ… Correct Answer: (B) To evaluate the accuracy of forecasts

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