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Random Variation
The inherent unpredictability in the outcomes of a process, often analyzed in statistical contexts to understand or model data.
Cyclical Effect
A pattern of fluctuations in a time series that corresponds to cycles in the broader economy, often related to business or economic conditions lasting more than a year.
Exponential Smoothing
A time series forecasting method for univariate data that applies smoothing factors to make forecasts.
Smoothing Constant
A parameter used in exponential smoothing forecasting methods to control the rate at which older observations are dampened.
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