Two forecasting methods have been used to evaluate the same economic time series. The results are

Compare the effectiveness of these methods by computing the MSE, the MAD, and the MAPE. Do each of the measures of forecasting accuracy indicate that the same forecasting technique is best? If not, why?

$14.$ What does the term biased mean in reference to a particular forecasting technique?$15.$ What is the estimate of the standard deviation of forecast error obtained from the data in Problem $12?$