Conduct multiple forecasting methods

Assignment Help Other Subject

Reference no: EM133517877 , Length: word count:1000

Data-driven Decision Making and Forecasting

Assessment - Evaluating forecasting-based analytics

Your Task

Given a dataset with multivariate time series data, you are to conduct multiple forecasting methods and provide a description and interpretation of the techniques used.

Assessment Description
A dataset will be provided to you at the beginning of week 9. The objective of the assessment is to build different forecasting models using Orange Data Mining and Tableau. Students must calculate the Root Mean Square Error (RMSE) or Mean Absolute Percentage Error (MAPE) to evaluate the performance and accuracy of the model, as well as choose the appropriate metrics for model selection.

Assessment Instructions

Report Structure and Content

Imagine you work for the Central Bank of Genovia and your task is to forecast the unemployment rate in one quarter.

1. Import the DATA4400_A2_Data.csv dataset into Orange Data Mining

2. Assess the quality of the data in terms of missing values and provide summary statistics of the variables.

3. Using an ARIMA model, forecast the unemployment rate for one quarter.
a. What is the forecast unemployment rate based on the ARIMA model?
b. Provide a screenshot of the ARIMA model settings and the appropriate visualisation for your forecast.

4. Using a VAR model, forecast the unemployment rate for one quarter.
a. What is the forecast unemployment rate based on the VAR model?
b. Provide a screenshot of the VAR model settings and the appropriate visualisation for your forecast.

5. How do the Fed Funds rate and the unemployment rate affect each other in Genovia?

6. Use Tableau to visualise the dataset and generate a forecast of the unemployment rate at the end of the next quarter.

7. What is the unemployment rate forecasted by Tableau?

8. Explain which model was used in Tableau and report on its parameters.

9. Evaluate the models using the available metrics and report which model provides the best forecast.

10. Summary

Attachment:- Data-driven Decision Making.rar

Reference no: EM133517877

Questions Cloud

Identify and discuss the barriers to access to healthcare : Conduct research on "community health centers" by reviewing the National Association of Community Health Centers website at About Our Health Centers - NACHC

What symptoms suggested that albert was suffering a stroke : Define the bold terms in the text. What symptoms suggested that Albert was suffering a stroke? What risk factors did Albert present with which would support

Costs and benefits associated with various types of jobs : Consider the costs and benefits associated with various types of jobs with which you are familiar.

School-wide recycle program : After learning it ended up in the landfill along with all the other rubbish, Jackie implemented a school-wide recycle program.

Conduct multiple forecasting methods : Data-driven Decision Making and Forecasting - Conduct multiple forecasting methods and provide a description and interpretation of the techniques used

Components supporting organizational change : Explain the following based on Leadership in Change Management. Factors/Components supporting Organizational Change

Elaborate on how the strength of intermolecular forces : elaborate on how the strength of intermolecular forces directly influences the vapor pressure? Can you provide an example from everyday life where the relations

Discuss shea approach to interviewing with specific : discuss Shea's approach to interviewing with specific reference to engagement, collecting valid data and strength based, approach.

Compare the keto diet and its protocols against recommended : Compare the Keto diet and its protocols against recommended dietary guidelines and identify potential health problems this type of diet might cause

User Account

All Pages