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.