Question: Are the following statements true or false? Explain your answer. Good forecast methods should have normally distributed residuals. A model with small residuals will give

  1. Are the following statements true or false? Explain your answer.

    1. Good forecast methods should have normally distributed residuals.
    2. A model with small residuals will give good forecasts.
    3. The best measure of forecast accuracy is MAPE.
    4. If your model doesnt forecast well, you should make it more complicated.
    5. Always choose the model with the best forecast accuracy as measured on the test set.

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