Asked by latoyria oliphant on Jul 02, 2024
Using the given data,determine the value of the mean absolute deviation.
A) 225.98
B) 10.28
C) 15.03
D) 25.27
Exponential Smoothing Model
A forecasting technique that applies decreasing weights to past data, with the most recent data weighted most heavily.
Mean Absolute Deviation
A measure of variability that quantifies the average of the absolute deviations of each data point from the data set's mean.
Smoothing Constant
A parameter used in exponential smoothing methods to weigh the importance of historical data in forecasting.
- Mastery in determining the accuracy of forecasts by applying statistical measures such as Mean Absolute Deviation (MAD), Mean Square Error (MSE), Mean Absolute Percentage Error (MAPE), and Root Mean Square Error (RMSE).
Learning Objectives
- Mastery in determining the accuracy of forecasts by applying statistical measures such as Mean Absolute Deviation (MAD), Mean Square Error (MSE), Mean Absolute Percentage Error (MAPE), and Root Mean Square Error (RMSE).
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