Which of the following uses a weighted average of past time series values as the forecast?Group of answer choicesThe qualitative methodExponential smoothingCorrelation analysisThe causal model
Question
Which of the following uses a weighted average of past time series values as the forecast?Group of answer choicesThe qualitative methodExponential smoothingCorrelation analysisThe causal model
Solution
To determine which of the following uses a weighted average of past time series values as the forecast, we need to analyze each option:
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The qualitative method: This method does not involve using past time series values or weighted averages. It relies on subjective judgments and expert opinions to make forecasts.
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Exponential smoothing: This method does use past time series values, but it does not involve a weighted average. Instead, it assigns exponentially decreasing weights to the past observations.
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Correlation analysis: This method is used to measure the strength and direction of the relationship between two variables. It does not directly involve using a weighted average of past time series values as the forecast.
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The causal model: This model considers the cause-and-effect relationship between variables to make forecasts. It may use past time series values, but it does not specifically use a weighted average.
Based on the analysis, the option that uses a weighted average of past time series values as the forecast is not present among the given choices.
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