In the Context of Forecasting, the Term__________refers to the Tendency

question 22

Multiple Choice

In the context of forecasting, the term__________refers to the tendency of forecasts to consistently be larger or smaller than the actual values of the time series.

• A) trend
• B) bias
• C) fad
• D) variability

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Definitions:

Z.TEST

A statistical test used to determine whether there is a significant difference between a sample mean and a known population mean, assuming a normal distribution.

P-Value

In statistical hypothesis testing, the probability that the observed data could have occurred by random chance if the null hypothesis is true.

Excel Function

A prebuilt formula in Microsoft Excel that performs calculations, manipulates data, or performs other specific tasks.

P-Value

A statistical measure that helps scientists determine the significance of their research results, indicating the probability of observing the observed results, or more extreme, by chance if the null hypothesis is true.