Two Forecasting Models Were Used to Predict the Future Values

question 44

Short Answer

Two forecasting models were used to predict the future values of a time series. The forecasts are shown below with the actual values.
Which model is the most accurate? Why?

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Definitions:

Symmetrically Distributed

A description of a data distribution where, on a graph, the left and right sides of the distribution are approximately mirror images of each other.

Normally Distributed

A type of continuous probability distribution characterized by a symmetrical, bell-shaped curve, where the mean, median, and mode are all equal.

Standard Deviation

A measure of the dispersion or variability in a set of values, indicating how much individual values deviate from the mean.

Fish Market

A marketplace where fish and seafood are traded, often involving auctioning and retail sales, catering to consumers and businesses.