Unformatted text preview: model to describe the functional relationships between independent and dependent variables. 6. Mean absolute percent error: The average of the absolute difference between the forecast and actual values, expressed as a percent of actual values. 7. Smoothing constant : The weighting factor used in an exponential smoothing forecast; a number between 0 and 1. 8. Mean squared error : The average of the squared differences between the forecasted and observed values. 9. Mean absolute deviation : A measure of the overall forecast error for a model....
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- Spring '08
- Mean, Probability theory, Errors and residuals in statistics, Absolute deviation, perfect information