Time Series Forecasting Models Quiz
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Questions and Answers

What is the main assumption underlying time series models?

  • The variable being forecast is related to other variables in the environment
  • Forecasting involves a linear regression model
  • All necessary information is contained within the time series data (correct)
  • Random variations are the key factor in forecasting accuracy

    • Which pattern of data involves a constant level over time?

  • Seasonality
  • Trend
  • Cycles
  • Level or horizontal (correct)

    • What type of model is linear regression with respect to forecasting?

  • Causal model (correct)
  • Time series model
  • Exponential model
  • Naïve model

    • Which measure assesses the strength of the linear relationship between two variables in forecasting?

    <p>Correlation</p> Signup and view all the answers

    When selecting a forecasting model, which factor is NOT typically considered?

    <p>Presence of seasonality in the data</p> Signup and view all the answers

    Which forecasting method gives more weight to the most recent time periods?

    <p>Moving Averages</p> Signup and view all the answers

    What does the Mean Absolute Deviation (MAD) measure?

    <p>Average absolute error</p> Signup and view all the answers

    In the context of forecasting accuracy metrics, what does MSE stand for?

    <p>Mean Squared Error</p> Signup and view all the answers

    Which forecasting method uses a smoothing constant to adjust the forecast?

    <p>Exponential Smoothing</p> Signup and view all the answers

    What is the primary advantage of Moving Averages as a forecasting technique?

    <p>Easy to compute</p> Signup and view all the answers

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