Consider the Following Forecast Errors A)1
B)1

question 27

Multiple Choice

Consider the following forecast errors.What is the Mean Absolute Deviation (MAD) ?
$$\begin{array} { | c | c | } \hline \text { Period } & \text { Error } \\\hline 1 & - 2 \\\hline 2 & 1 \\\hline 3 & 3 \\\hline 4 & 0 \\\hline 5 & - 1 \\\hline 6 & 2 \\\hline 7 & 4 \\\hline\end{array}$$

• A)1
• B)1.86
• C)7
• D)13
• E)5

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Definitions:

Reserve

In economic terms, it refers to the backup resources or capacity that can be drawn upon when needed; in natural resources, it pertains to quantities of a resource known to exist and be economically recoverable.

Social Stratification

The hierarchical arrangement of individuals within a society, based on factors such as wealth, race, education, and power.

Symbolic-Interactionist

A theoretical approach in sociology that focuses on the meanings individuals ascribe to objects, events, and behaviors, as well as the interaction among individuals based on those meanings.

Weberian

Relating to the theories or methodologies of Max Weber, a German sociologist, who focused on understanding the processes of rationalization, secularization, and the "iron cage" of modernity.