Theil Index - Meaning of "U"

Meaning of "U"

If U = 1 Then the "Naive" (NF1) Method is as good as the current Forecast Method

If U < 1 Then the Forecasting Method is better than the NF1 Method

If U > 1 Then the NF1 Method is better than the Forecasting Method. There is no need to waste time applying further Forecasting methods.

Read more about this topic:  Theil Index

Famous quotes containing the words meaning of and/or meaning:

    He is the essence that inquires.
    He is the axis of the star;
    He is the sparkle of the spar;
    He is the heart of every creature;
    He is the meaning of each feature;
    And his mind is the sky,
    Than all it holds more deep, more high.
    Ralph Waldo Emerson (1803–1882)

    Man is eminently a storyteller. His search for a purpose, a cause, an ideal, a mission and the like is largely a search for a plot and a pattern in the development of his life story—a story that is basically without meaning or pattern.
    Eric Hoffer (1902–1983)