Scenario to use for questions 4 and 5: A data set contains house prices for hous
ID: 3310746 • Letter: S
Question
Scenario to use for questions 4 and 5: A data set contains house prices for houses sold in 2016 in a particular area. We are interested in predicting the price of a house based on various house characteristics, such as location, number of bedrooms, year the house was built, etc.
4.The forecasting method for this scenario should use:
a.Time series data at regular intervals over time
b.Cross-sectional data from the specific time period
5.Which type of model would be applicable for this scenario?
a.Regression
b.Clustering
c.ARIMA
d.Time series with Exponential Smoothing
6.For a drift method
a.Forecasts of all future values are equal to the mean of the historical data
b.All forecasts are set to be the value of the last observation
c.Forecasts are allowed to increase or decrease over time based on a variation of the naïve method
Explanation / Answer
4) The forecasting method for this scenario should use:
Answer : Time series data at regular intervals over time
5) Which type of model would be applicable for this scenario?
Answer : Regression
6) For a drift method
Answer ; Forecasts are allowed to increase or decrease over time based on a variation of the naïve method
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