Question

Being able to read about the different type of approaches that can be used to sequence data through the time-series forecasting it is important to be able to have more than one way to forecast data. Being able to have a simple way to forecast like the Naïve approach is very important because you want to be able to have a way for individual to easily figure out these approaches with using little amounts of time but being able to gain the correct information at the same time. I personally know that with my current employer we use an approach similar to the Naïve approach and moving average but was never explained to me with those names just how it needed to be completed. Having a spread sheet that shows the regression and correlation analysis also helps organization be able to know what needs to be changed to improve or continue to grow.

Do you feel that any of the three methods listed above are easier to work with over the other?

Answer 1

Out of the three approaches, the correlation approach is easier is more effective than two approaches. The correlation approach creates a relationship between two or more variables. Thus, all the variables are clearly described that helps an organization be able to know what needs to be changed to improve or continue to grow. Moreover, it provides statistical data to establish a relationship between different variables.