Two Forecasting Models Were Used to Predict the Future Values

question 115

Essay

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?

---

Definitions:

Greatest Good

A principle often associated with utilitarian ethics, emphasizing the action that results in the most benefit or happiness for the greatest number of people.

Cost-benefit Analysis

A systematic approach to estimate the strengths and weaknesses of alternatives, used to determine the best option in terms of benefits outweighing costs.

Duty-based Ethics

An ethical theory that emphasizes duties or moral rules as the basis for judging the ethicality of actions.

Corporate Social Responsibility

A business approach that involves participating in initiatives that benefit society, including ethical, environmental, and philanthropic efforts.