A Forecasting Model Has Produced the Following Forecasts: the Mean

question 74

Multiple Choice

A forecasting model has produced the following forecasts: The mean absolute percent deviation (MAPD) for the end of May is

• A) 0.0250.
• B) 0.0583.
• C) 0.5830.
• D) 0.6670.

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Definitions:

Normal Curve

A bell-shaped curve that represents the distribution of many types of data where most occurrences take place in the middle of the range.

Probability

The measure or estimation of how likely it is that an event will occur, expressed as a number between 0 (impossible) and 1 (certain).

Median

A statistical measure that represents the middle value in a given set of data when it is arranged in numerical order.

Mean

A statistical measure representing the central value of a set of numbers, calculated by dividing the sum of the values in the set by their number.