Examlex
What factors does a steering committee consider when evaluating different system designs?
Biased Forecast
A forecast that consistently tends to overestimate or underestimate the actual value due to systematic errors.
Naive Approach
A forecasting technique that assumes that demand in the next period is equal to demand in the most recent period.
Time-series Model
A statistical model that analyzes a sequence of data points, typically measured at successive time intervals, to forecast future trends.
Time-series Forecasting
The use of historical data to predict future occurrences through identifying patterns or trends over time.
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