Two forecasting models were used to predict the future values of a time series.These are shown in the accompanying table,together with the actual values.
Forecast Value $ F_{t} $ $\quad $ $\quad $ $\quad $ $\quad $Actual Value $ y_{t} $
$\begin{array}{cc|c}
\text { Model 1 } & \text { Model } 2 & \
\hline 9.0 & 7.7 & 7.6 \
7.8 & 8.1 & 8.2 \
7.0 & 8.5 & 8.9 \
9.6 & 9.0 & 11.0
\end{array}$ Compute the mean absolute deviation (MAD)and sum of squares for forecast (SSE)for each model to determine which was more accurate.

Question

Two forecasting models were used to predict the future values of a time series.These are shown in the accompanying table,together with the actual values.
 Forecast Value $ F_{t} $ $\quad $ $\quad $ $\quad $ $\quad $Actual Value $ y_{t} $
$\begin{array}{cc|c}
\text { Model 1 } & \text { Model } 2 & \
\hline 9.0 & 7.7 & 7.6 \
7.8 & 8.1 & 8.2 \
7.0 & 8.5 & 8.9 \
9.6 & 9.0 & 11.0
\end{array}$ Compute the mean absolute deviation (MAD)and sum of squares for forecast (SSE)for each model to determine which was more accurate.

Quizplus · Accepted Answer

The Answer of Two forecasting models were used to predict the future values of a time series.These are shown in the accompanying table,together with the actual values.
 Forecast Value $ F_{t} $ $\quad $ $\quad $ $\quad $ $\quad $Actual Value $ y_{t} $
$\begin{array}{cc|c}
\text { Model 1 } & \text { Model } 2 & \
\hline 9.0 & 7.7 & 7.6 \
7.8 & 8.1 & 8.2 \
7.0 & 8.5 & 8.9 \
9.6 & 9.0 & 11.0
\end{array}$ Compute the mean absolute deviation (MAD)and sum of squares for forecast (SSE)for each model to determine which was more accurate.

Two Forecasting Models Were Used to Predict the Future Values Ft F_{t} Ft​

Two Forecasting Models Were Used to Predict the Future Values $F_{t}$