Two forecasting models were used to predict the future values of a time series. These are shown in the following table, together with the actual values. $$\begin{array} { | c c | c | }
{ \text { Forecast Value } F _ { t } } && \text { Actual Value } y _ { t } \
\hline \text { Model } 1 & \text { Model } 2 & \
\hline 8.2 & 7.7 & 7.6 \
7.8 & 8.5 & 8.2 \
7.0 & 8.5 & 7.6 \
9.6 & 9.0 & 10.3 \
\hline
\end{array}$$ Compute MAD and 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 following table, together with the actual values. $$\begin{array} { | c c | c | } 
 { \text { Forecast Value } F _ { t } } && \text { Actual Value } y _ { t } \
\hline \text { Model } 1 & \text { Model } 2 & \
\hline 8.2 & 7.7 & 7.6 \
7.8 & 8.5 & 8.2 \
7.0 & 8.5 & 7.6 \
9.6 & 9.0 & 10.3 \
\hline
\end{array}$$ Compute MAD and 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 following table, together with the actual values. $$\begin{array} { | c c | c | } 
 { \text { Forecast Value } F _ { t } } && \text { Actual Value } y _ { t } \
\hline \text { Model } 1 & \text { Model } 2 & \
\hline 8.2 & 7.7 & 7.6 \
7.8 & 8.5 & 8.2 \
7.0 & 8.5 & 7.6 \
9.6 & 9.0 & 10.3 \
\hline
\end{array}$$ Compute MAD and SSE for each model to determine which was more accurate.

Two Forecasting Models Were Used to Predict the Future Values