What is the difference between an associative model and a time-series model?
What will be an ideal response?
A time-series model uses only historical values of the quantity of interest to predict future values of that quantity. The associative model, on the other hand, incorporates the variables or factors that might influence the quantity being forecast.
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The beginning inventory costs and the product costs of the current period are combined to determine the average cost of equivalent units of production under the ________
A) equivalent units method B) conversion costs method C) first-in, first-out method D) weighted-average method
Scientists at University of Toronto are working to develop new technologies for customer interface interactions in retail stores. Right now they are not concerned with the potential cost-effectiveness of the technologies or the marketability of the technologies. What are these scientists involved in?
a. basic research b. applied research c. brainstorming d. product generation