STATISTICAL EVALUATION OF FORECASTING METHODS.

Sanjeev Kumar Khichi; Dr. Nand Kishore Singh; Neha Nehra; Sarita Dahiya

Volume : IX, Issue : III, March - 2020

STATISTICAL EVALUATION OF FORECASTING METHODS.

Sanjeev Kumar Khichi, Dr. Nand Kishore Singh, Neha Nehra, Sarita Dahiya

Abstract :

In this paper some systematic steps were used for forecasting. Generate forecasts for data with different patterns: level, trend, seasonality, and cyclical.Describe causal modeling using linear regression Compute forecast accuracy .Explain how forecasting models should be selected, Decide what needs to be forecast.Level of detail, units of analysis & time horizon required.Evaluate and analyze appropriate data.Identify needed data.Select and test the forecasting model, Cost, ease of use & accuracy,Generate the forecast accuracy over time.