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Traditionally, the 2 × 2 contingency table method has been used for qualitative evaluation of forecasts. However, the conclusions drawn based on this method could be misleading because it does not account for the direction of the turning or no turning points. A 4 × 4 contingency table which overcomes this weakness and which gives more information on the qualitative performance of the forecast is suggested.
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Naik et al. (1986) studied this question.
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