Question: Two forecasting models were used to predict the future values of a time series. These are shown here together with the actual values. Compute MAD

Two forecasting models were used to predict the future values of a time series. These are shown here together with the actual values. Compute MAD and SSE for each model to determine which was more accurate.

Period Forecast (Model 1) Forecast (Model 2) 4 2 3 7.5 6.3 8.2 5.4 6.3 6.7 7.1 7.5 Actual 6.0 6.6 9.4 7.3 2.

Step by Step Solution

★★★★★

3.54 Rating (185 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Model 1 Model 2 Model 2 is more accurate Model 1 SSE 60 75 2 66 ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (2 attachments)

1429_6054778a861a9_661487.pdf

180 KBs PDF File

1429_6054778a861a9_661487.docx

120 KBs Word File

Students Have Also Explored These Related Statistics for Management Questions!

Three forecasting techniques were used to predict the values of a time series. These values are given in the following table. Compute MAD and SSE for each technique to determine which was most...

In 2009, the New York Yankees won 103 baseball games during the regular season. The table on the next page lists the number of victories (W), the earnedrun average (ERA), and the batting average...

The number of victories (W), earned run average (ERA), runs scored (R), batting average (AVG), and on- base percentage (OBP) for each team in the American League in the 2012 season are provided in...

Select the correct answer Two forecasting models were used to predict the future values of a time series. These are shown next, together with the actual values. Actual Values yt Forecast Value Ft...

prepare a 65 word response to the following: The error metrics we used in this week's data exercise (MAD, MSE, and MAPE) measure how well the forecasting method can predict the historical values of...

Question: Evaluate the two forecasting models described in the case for predicting daily check-in volume. What are the strengths and weaknesses of each one? Do you find any of the results surprising?...

deacribe the main findings of this paper 400 words (be clear on what the analysis involved says, interpret results, or if you could redo the study, what other varaibles or questions would you...

OPERATIONS MANAGEMENT SIMULATION Give definitions or descriptions of Hard OR and Soft OR and discuss some examples of each. (Your answer should not be more than approximately two A4 pages.)...

10- 8 -6-5-4-3 -2 -1 6 4 2 N -4 -6 -8 -10- 1 2 3 4 5 The function graphed above is: Concave up on the interval(s) Write your answer using interval notation Concave down on the interval(s) Write your...

The file S02_54.xlsx contains daily values of an EPA air quality index in Washington DC and Los Angeles from January 1980 through April 2009. For some unknown reason, the source provides slightly...

Jellies enter a _ _ _ _ stage as a juvenile and mature to a mobile _ _ _ _ form.

Why might this be true?

Is the amount of time a person watches television news per day affected by his or her education? Test to determine whether TIME2 and EDUC are linearly related.

Astent is a metal mesh cylinder that holds a coronary artery open after a blockage has been removed. However, in many patients the stents, which are made from bare metal, become blocked as well. One...

Setting premiums for insurance is a complex task. If the premium is too high, the insurance company will lose customers; if it is too low, the company will lose money. Statistics plays a critical...

Perteet Corporation's relevant range of activity is 7,500 units to 14,500 units. When it produces and sells 11,000 units, its average costs per unit are as follows: Average Cost per Unit Direct...

Required information [The following information applies to the questions displayed below.] On January 1, 2024, Splash City issues $430,000 of 8% bonds, due in 15 years, with interest payable...

Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method semiannually on April 1 and October 1. a. Journalize the entry to record the issuance of bonds on April 1. If an amount box...