Given Forecast Errors of -1,4,8,and -3,what Is the Mean Absolute

question 7

Multiple Choice

Given forecast errors of -1,4,8,and -3,what is the mean absolute deviation?

• A)2
• B)3
• C)4
• D)8
• E)16

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Definitions:

Average Cost Method

An inventory costing method that determines the cost of goods sold and ending inventory based on the average cost of all similar items available during the period.

Milling Blanks

The process of machining raw materials into a preliminary shape before further processing.

Sheet Steel

Thin, flat steel that is produced in sheets, commonly used in automotive manufacturing, construction, and appliance manufacturing.

Milling Lubrication Oil

Milling Lubrication Oil is a type of industrial oil used in the milling process to reduce friction between the cutting tool and the workpiece, helping to cool and protect the machinery.