4. Models that minimize past errors: Available forecasting meth- ods select the best model by a process
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4. Models that minimize past errors: Available forecasting meth-
ods select the best model by a process that depends upon how well a model minimizes one-step-ahead forecasting errors. How-
ever, we often need forecasts for several/many periods ahead, which may not be the most appropriate ones if they are based on models that minimize the one-period-ahead errors.
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Related Book For
Forecasting Methods And Applications
ISBN: 9780471532330
3rd Edition
Authors: Spyros G. Makridakis, Steven C. Wheelwright, Rob J Hyndman
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