Match the Following Terms with Their Description

question 3

Multiple Choice

Match the following terms with their description:
i. Median
II. Average
III. Sum
IV. Table array
v. Breakpoint

• A) Total
• B) Lowest value in a series
• C) Midpoint value
• D) Range used for looking up values
• E) Arithmetic mean

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Definitions:

Weighted Average Model

A calculation that assigns different weights to various data points or elements, providing a means to account for their varying levels of importance.

Exponential Smoothing Constant

A parameter in exponential smoothing methods for forecasting that controls the degree to which recent observations are weighted more heavily than older observations.

Exponential Smoothing Model

A time series forecasting method that applies weighted averages of past observations, giving greater weight to more recent data, to predict future values.

Mean Absolute Percentage Error

A measure used to evaluate the accuracy of forecasting models, expressing the average absolute percent error between predicted and observed values.