Question

Before implementing a forecasting model is it important to Question 8 options:

A. Utilize an alternative source of data to generate the actual forecasts.

B. Make sure that you have found the model with the largest MAE.

C. Rerun the model on the entire series (training+validation) in order to utilize the most recent data in generating your forecasts

D. Rerun the model using the validation period only in order to avoid using ‘old’ data.

Question 9 (1 point) Using the “forecast” package in R, what does the “accuracy” function do? (e.g. accuracy(naive.pred, valid.ts) ) Question 9 options:

A. Generates accuracy measures such as MAE, RMSE and MAPE of a forecast

B. Checks the accuracy of the R code that you have entered

C. Verifies the accuracy of the data set you are using

D. Generates a set of graphs comparing the forecasts

Question 10 (1 point) What is the primary advantage of looking at prediction cone graphs (like figure 3.6)? Question 10 options:

A. They are impressive looking graphs to show off your data visualization skills

B. They show how MSE changes with different data sets

C. They allow easy comparison of forecast uncertainty between different models

D. They can be used to compare only 1-period ahead forecasts

Answer 1

Before implementing a forecasting model is it important to Rerun the model on the entire series (training+validation) in order to utilize the most recent data in generating your forecasts

Using the “forecast” package in R, what does the “accuracy” function do? (e.g. accuracy(naive.pred, valid.ts) ) Checks the accuracy of the R code that you have entered

The primary advantage of looking at prediction cone graphs (like figure 3.6) They allow easy comparison of forecast uncertainty between different models