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Forecasting Model Approaches

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.

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.