"average forecast error" is correct and usable in written English.
You can use it when citing an error made in a forecast or prediction. For example, "The average forecast error for predicting this year's global temperature was 0.4°F."
Scatter plot of annual temperature variability versus average forecast errors.
Another analysis compares average forecast errors between the extended cohort-component approach and the still widely used classic headship-rate method, by projecting number-of-bedrooms-specific housing demands from 1990 to 2000 and then comparing those projections with census counts in 2000 for each of the 50 states and Washington, DC.
For the COV-OBS.x1 observations (green circled line) and observation errors (green line), the ensemble average forecast (red stars dotted line, superimposed to the spectrum of the observations), the ensemble average forecast errors (dark red), the ensemble average analysis errors (cyan).
It can be observed from comparative study that use of OWA considerably reduces mean square error (MSE) and average forecasting error rate (AFER).
For reference, that £0.1bn difference compares with an average forecasting error, for borrowing numbers one year out, of £12-15bn.
More importantly, the forecasting results for substation load clusters are more stable: the average forecasting error is reduced to 18.54%, with a random error 7.76%.
As shown in Table 4, the average forecasting error variance is smaller for the DSA approach, reflecting less uncertainty in the forecasts.
The modelling error of the direct method is 2.18% and the average forecasting error is 10.02%, so the random error is 7.84%.
The comparison reveals that the average forecasting error for MAE and MSE in the train and test datasets is lower in the ARIMA-MLP and MLP-ARIMA hybrid models constructed using the series combination technique than those in the parallel hybrid models.
