Given Forecast Errors of 4, 8, and −3, What Is

question 68

Multiple Choice

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

• A) 3
• B) 4
• C) 5
• D) 6
• E) 9

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Definitions:

Belief Perseverance

The tendency to maintain one’s beliefs even in the face of evidence that contradicts them.

Framing Effect

A cognitive bias where people react differently based on how choices are presented to them, often affecting decision-making.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to a person's mind, influencing their perception of a topic's prevalence or importance.

Framing

The process of shaping the perception or presentation of information in a way that influences judgment and decision-making.