Better Decision Making Due to Using a Modeling Process Is

question 39

Multiple Choice

Better decision making due to using a modeling process is achieved due to

• A) the interaction with the spreadsheet.
• B) the visualization of the system being studied.
• C) the insight gained through the process.
• D) the timeliness of the results obtained.

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Definitions:

Seasonality

Patterns or variations that occur in data at specific regular intervals less than a year, often due to weather, holidays, or other cyclical events.

Mean Square Error

A measure of the average of the squares of the errors or deviations, indicating the difference between the estimators and what is estimated.

Mean Absolute Percentage Error

A measure used to predict accuracy in statistics, expressing the average absolute difference between observed and forecasted values as a percentage.

Holt-Winters Multiplicative Model

A forecasting technique that accounts for seasonality, trend, and error in time series data, using multiplicative methods to adjust for these components.