Understanding the construction and interpretation of forecast evaluation statistics using computer-based tutorial exercises

The construction and interpretation of forecast evaluation statistics are central components of any course on economic forecasting. Without an understanding of these issues students will neither be able to evaluate the properties of a set of forecasts nor will they be able to assess the relative merits of alternative sets of forecasts. In recent years I have covered the use of forecast evaluation statistics as the initial topic on a Level-M course on economic forecasting. In addition to presenting this material in a standard lecture setting I have also employed computer-based tutorial exercises to reinforce the learning process.