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Forecasting Approaches

Question

Compare and contrast the stationary forecasting model approach with that of a time series forecasting approach. Identify and explain key factors that are relevant in the selection of a specific approach.

Solution

Title: Forecasting Approaches
Length: 1 pages (275 Words)
Style: APA

Preview

Forecasting Approaches

Time series forecasting techniques provide forecasts based exclusively on historical values. These methods are widely applied in business situations in which the forecasts of a year or less are needed. A stationary model entails statistical properties like variance, mean, and autocorrelation among others. These factors are constant over time. Time series are better applied in short-term forecasts. Forecasting using time series also uses past data, which is of high quality and clearly representative (Brockwell & Davis, 2013). Time series approaches are best used in stable situations. In cases where there are substantial fluctuations and basic conditions may change, time series may present poor results.

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