Measuring Forecast Accuracy

Forecast evaluation statistics with examples in Python

If I had to choose one basic skill in data science that is the most useful, it would be time series forecasting. Predicting the future value of something contributes to making better decisions. Therefore, it is crucial to be sure that you can rely on forecasting. The choosing, construction and interpretation of forecast accuracy metrics are just as important as making forecasts.

What actually makes up the accuracy of the forecast?