When evaluating forecasting models it is accurate to say:
A) they all rely on the same data sets
B) they will provide the same results
C) they are usually accurate
D) they differ in their degree of complexity
E) they do not differ in their degree of complexity

Question

Quizplus · Accepted Answer

Forecasting models differ in their degree of complexity, ranging from simple linear regressions to more sophisticated neural networks. The complexity of the model depends on the nature of the data and the purpose of the forecast. Therefore, it is important to choose a model that balances accuracy with feasibility and minimizes error.

When Evaluating Forecasting Models It Is Accurate to Say