An evaluation of Nine Forecasting Techniques

Abstract

This project serves as a part of the research necessary to implement a revision/rewrite of the present UDF (Unit Demand Forecasting) system. Nine different forecasting methods of time series data are being considered. This report includes information on the ability of each method to forecast different time series. Included also is the cost incurred upon forecasting those series and the relative complexity of the method (the relative difficulty in understanding either the forecasting process or the actual output). The objective of this report is to investigate different methods of forecasting and to report on their relative merits. It will aid in the decision as to which method of forecasting is best suited for use in the UDF system. It should also give some direction to further investigations of forecasting techniques.