How to make sense of the natural confusion with ALPHA BETA GAMMA

Every statistical forecast has a series of forecasting models,these forecast models required parameters in order to get desired forecasting output

The jargon-heavy core statistical forecasting parameters known as ALPHA BETA GAMMA is base factors that help to create an unbiased statistical forecast, Let us discuss each of these factors

ALPHA ---- ALPHA value determines the weight of past data values in setting the baseline for forecasting,the higher the value of ALPHA the more weight will be attached to recency

BETA ------ BETA is known as trend value, its value dictates the degree to which recent data trends should be valued compared to older trends

GAMMA---is a seasonal component to the forecast the higher the gamma the more recent the seasonal component is considered

All these factors will range between 0.1 to 1.0