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Forecasting Model Approaches

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In selecting an appropriate forecasting model, the following approaches are suggested:

a. perform a residual analysis.
b. measure the size of the forecasting error.
c. use the principle of parsimony.
d. all of the above.

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Solution Preview

Correct answer is (d). all of the above.

For choosing an appropriate forecasting model following ...

Solution Summary

The solution selects an appropriate forecasting model for a specific approach.