3. Two different forecasting methods have been applied to a given time series data. Their training errors and test error

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3. Two different forecasting methods have been applied to a given time series data. Their training errors and test error

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3 Two Different Forecasting Methods Have Been Applied To A Given Time Series Data Their Training Errors And Test Error 1
3 Two Different Forecasting Methods Have Been Applied To A Given Time Series Data Their Training Errors And Test Error 1 (319.25 KiB) Viewed 95 times
3. Two different forecasting methods have been applied to a given time series data. Their training errors and test errors are given in the tables below. Based on this information, answer the following: (total points: 3) a) Which model fits the training data better according to the RMSE? b) Which model is more accurate in forecasting? c) Is the training error a good indicator of forecasting accuracy? Why? Table: Training errors of forecasting methods RMSE MAE MAPE MASE Simple exponential smoothing model 0.1001 0.07989 4.372 0.5458 ARIMA(2,1,2) 0.1022 0.07958 4.372 0.5437 Table: Test errors of forecasting methods RMSE MAE MAPE MASE Simple exponential smoothing model 0.1996 0.16882 7719 1 1534 ARIMA(2,1,2) 0.1839 0.15395 6.986 1.0518
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