Different types of time-series forecasting models

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Reference no: EM132295539

Different types of time-series forecasting models and their applicability in different organizations are given below:

1. Naive approach: In naive approach, demand for the next period is assumed to be same in the most recent period. This method can be used in economic and financial time series analysis. It can be used to forecast demand for mature products having level or seasonal demand without a trend.

2. Moving average: This method uses a number of historical data to determine the forecasted value. This method should be used to predict the demand of industry containing mature products.

3. Exponential smoothing: It is a weighted moving average forecasting method. This method is suitable to determine forecast for most of the industries.

Please give an example of each. 1-3

Reference no: EM132295539

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