Within the context of the example you provided in the first week, I would like for you to…

Within the context of the example you provided in the first week, I would like for you to consider whether you would use a causal model or time series model (actually, this broad distinction between forecasting methods was covered last week). If you would choose a causal model, what variables would you include as potential predictors for your forecast variable? If you would choose a time series approach, what time series component(s) would you expect to be the most dominant? If neither is appropriate, explain why.
Also, if you had to choose just one measure of forecast accuracy to evaluate your model, which would you use? Explain your choice.

Don't use plagiarized sources. Get Your Custom Essay on
Within the context of the example you provided in the first week, I would like for you to…
Just from $13/Page
Order Essay

Document Preview:

Week 02 Discussion – Exploring Data Patterns and Forecast Accuracy:Within the context of the example you provided in the first week, I would like for you to consider whether you would use a causal model or time series model (actually, this broad distinction between forecasting methods was covered last week).  If you would choose a causal model, what variables would you include as potential predictors for your forecast variable?  If you would choose a time series approach, what time series component(s) would you expect to be the most dominant?  If neither is appropriate, explain why.Also, if you had to choose just one measure of forecast accuracy to evaluate your model, which would you use?  Explain your choice. Please use the ppts that I have uploaded in completing the above discussion questions.Example that I provided in the first week is the following:Forecasting in Information Technology-In the article, worst forecasting practices in corporate America and their solutions-case studies, Dilgard states one of the solutions to forecasting problems to “develop a collaborative, consensus approach to forecasting” (Dilgard, p.9). He further states, “forecasts should not be done in a vacuum and should not be completely owned and executed by a single functional area” (Dilgard, p.9). I completely agree with this approach to forecasting as being a part of the information technology (IT) team, it is important for me to be aware of the changing IT environment as well as forecasting the needs of the organization through a collaborative approach rather than a single approach in respect to IT to be able to have adequate knowledge about new developments within the information systems and technology industry. It is important to forecast the same effectively to implement those changes in the organization which will have positive impact on the performance of the organization.The decision environment in IT for forecasting is strongly based on the external environment and the…

Leave a Reply

Your email address will not be published. Required fields are marked *

*

*

*