Asked by Michael Bergamo on Jun 25, 2024
Verified
Write a brief note on the explanatory or causal models used in forecasting.
Explanatory Models
Theoretical frameworks or models used to explain how or why a certain phenomenon occurs, often used in scientific research.
Causal Models
Analytical models used to study the cause-effect relationships between variables within a system.
Forecasting
Forecasting involves predicting future values of a variable such as sales, weather, or economic trends based on historical data analysis and other methods.
- Understand the principles and applications of explanatory or causal models in forecasting.
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Learning Objectives
- Understand the principles and applications of explanatory or causal models in forecasting.
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