April 2024
Intermediate to advanced
824 pages
36h 45m
English
Content preview from Business Statistics
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Chapter 16 | Time Series and Index Numbers 577
FigUre 16.6
The time series plot of sales
with accuracy measures for
the example of the consumer
durables company produced
using Minitab
16.8 QUANTITATIVE METHODS OF FORECASTING
Quantitative methods of forecasting are based on projecting past patterns of data to obtain a future
forecast using some mathematical formulae. This method fails to describe the cause–effect relation-
ship between variables. This drawback can be overcome by using causal analysis, which is based on
the cause and effect relationship between two or more variables under study. Quantitative methods of
time series forecasting can ...