What is the primary difference between time-series and associative forecasting models? A. Associative models do not...
What is the primary difference between time-series and associative forecasting models?
A.
Associative models do not predict demand
B.
Associative models incorporate variables that might influence the quantity being forecasted
C.
Time-series models are only used for long-range forecasts
D.
Time-series models are only used for economic forecasts
Homework Answers
Ans) the correct option is b) Associative models incorporate variables that might influence the quantity being forecasted
Time series uses historical data assuming the future will be like the past
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What is the primary difference between time-series and
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Different types of time-series forecasting models and their applicability in different organizations are given below: 1. Naive approach: In naive approach, demand for the next period is assumed to be same in the most recent period. This method can be used in economic and financial time series analysis. It can be used to forecast demand for mature products having level or seasonal demand without a trend. 2. Moving average: This method uses a number of historical data to determine the...
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