Examlex
Only the mean absolute percentage error can be used to compare errors across different data sets.
Gambler's Fallacy
The erroneous belief that if a particular event occurs more frequently than normal during the past, it is less likely to happen in the future, or vice versa, in situations that are truly random.
Ignoring Base Rates
Ignoring base rates is a cognitive bias that involves disregarding or underestimating general information (base rates) in favor of specific individual information when making decisions or judgments.
Availability Bias
A cognitive bias that causes people to overestimate the likelihood of events based on their availability in memory, often leading to skewed decision-making.
Belief Perseverance
The tendency to cling to one's initial belief even after receiving new information that contradicts or disconfirms the basis of that belief.
Q1: The forecasting method that uses the opinions
Q2: Central Parking is considering whether to expand
Q15: The cost of car engines is an
Q21: Two types of process design are<br>A) input
Q34: Identify the three forecasting time horizons. State
Q38: From an operations perspective, which of the
Q52: The scope of any project, indicating what
Q53: Forecasting ‛black swans' are not difficult to
Q68: Which of the following companies uses a
Q77: Indirect costs of holding inventory include risk