Question: What is the difference between MAD and MAPE, and in what settings would we use one but not the other for comparing models? A seasonal

  • What is the difference between MAD and MAPE, and in what settings would we use one but not the other for comparing models?
  • A seasonal index may be less than 1, equal to 1, or greater than 1. Please explain what each of these values would mean.
  • Briefly list/describe the steps used in developing a forecast using the Decomposition Method. What assumption is inherent in this model?

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