a) Explain the differences between qualitative and quantitative forecasting techniques with examples. b) What is time series? Describe each of the components in a time series
a) Explain the differences between qualitative and quantitative forecasting techniques with examples. b) What is time series? Describe each of the components in a time series
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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![Question 1
a) Explain the differences between qualitative and quantitative forecasting techniques with
examples.
b) What is time series? Describe each of the components in a time series.
c) Following three forecasting techniques were used to predict the value of a time series.
These are given in the following table.
Forecasting Value Ft
Technique 2
22
Actual value yt
Technique 1
21
Technique 3
17
19
27
24
20
24
29
26
25
28
31
28
31
32
35
30
39
38
For each, calculate the mean absolute deviations (MAD) and sum of squares for forecast
error (SSFE) to determine which was most accurate.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faf66cc40-6695-4859-83f5-f35ce90fb783%2F1d9a83de-5a4a-4f5c-b3b9-04accaaf245c%2F7i6dx0c_processed.png&w=3840&q=75)
Transcribed Image Text:Question 1
a) Explain the differences between qualitative and quantitative forecasting techniques with
examples.
b) What is time series? Describe each of the components in a time series.
c) Following three forecasting techniques were used to predict the value of a time series.
These are given in the following table.
Forecasting Value Ft
Technique 2
22
Actual value yt
Technique 1
21
Technique 3
17
19
27
24
20
24
29
26
25
28
31
28
31
32
35
30
39
38
For each, calculate the mean absolute deviations (MAD) and sum of squares for forecast
error (SSFE) to determine which was most accurate.
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