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If We Have 5 Years of Monthly Observations,we May Use

question 77

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If we have 5 years of monthly observations,we may use the first four years to develop several competing forecasting models,and then use them to forecast the fifth year.Since we know the actual values in the fifth year,we can choose the technique that results in the most accurate forecast using either the mean absolute deviation (MAD)or the sum of squares for forecast error (SSE).

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Definitions:

Random Points

Specific locations or values chosen without any particular pattern, order, or predictability.

Area

The amount of space inside a two-dimensional region, such as a floor; area is measured in square units; the living space in a property.

Diagonals

Straight lines connecting two non-adjacent vertices in a polygon or polyhedron.

Rectangle

A quadrilateral with four right angles and two pairs of parallel and equal sides.

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