Asked by Kimberly Zayas-Maciel on Apr 27, 2024
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The mean absolute deviation is the summation of the residuals divided by the sample size.
Mean Absolute Deviation
The average of the absolute differences between each data point in a set and the mean of that set, measuring variability.
Residuals
The deviation of true observations from the predictions made by a simulation or computational model.
Sample Size
The number of observations or entities that are selected from a larger population for the purpose of statistical analysis.
- Recognize the theoretical and practical aspects of different measures of forecast accuracy.
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Learning Objectives
- Recognize the theoretical and practical aspects of different measures of forecast accuracy.
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