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By monitoring expenditures a supervisor can keep costs within a total ________ plan.
Forecast Error
The difference between the actual demand and the forecasted demand, indicating the accuracy of forecasts.
Bias
A tendency to lean in a certain direction, either in favor of or against a particular thing, person, or group compared with another, often in a way considered to be unfair.
Forecast Method
Techniques used to predict future aspects of a business or operation, such as sales, trends, or consumer demand, based on historical and current data.
Exponential Smoothing
A time series forecasting method for univariate data that involves using weighted averages of past observations, with the weights decreasing exponentially as the observations get older.
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