Explain a reasonable criterion for selecting one time-series method over another?
Explain a reasonable criterion for selecting one time-series method over another?
Homework Answers
There are various time series methods like regression analysis, smoothing, forecasting etc.
A method should be selected in such a way that it should capture all the vital and critical properties of the data. The vital properties are the patterns of variation in level and trend, seasonality effects, presence of correlations among the variables. You will also have to consider how the time series will behave in the future.
The criteria is to select a method that is the best approximate of the true model from the set of available models created by different methods. In mathematical terms, a method with minimum mean squared error distribution is considered to be the most efficient one and hence this method will be selected.
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Explain a reasonable criterion for selecting one time-series method over another?
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