Two Forecasting Models Were Used to Predict the Future Values

question 117

Essay

Two forecasting models were used to predict the future values of a time series.The forecasts are shown below with the actual values:

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Definitions:

Pareto Diagram

A graphical representation that identifies and prioritizes problems or causes of a particular event based on their significance, often used in quality control.

Scatter Diagram

A graphical representation used in statistics to show the relationship between two variables, using dots to represent data points.

Flowchart

A diagrammatic representation that illustrates the sequence of operations to be performed to get to the solution of a problem.

Pizza Delivery

A service that transports prepared pizza from a restaurant to the customer's location, ensuring the food is hot and fresh upon arrival.