Final Project Business & Marketing Research Paper Essay (Research Paper Sample)
Unit VIII Final Project
For the Unit VIII assignment, please refer to Section 5.4 of the text.
Monica works at a regional weather office on the Atlantic coast. She notes (from the office records) that hurricanes have made landfall on the coast somewhere near their city of Johnstown in the past 11 years. Monica notes that forecasted landfall has been different from actual observed landfall as shown in the table below.
How accurate has the forecast been? Do you think this difference matters to a beach town? Can you develop a forecasting system model that may be more accurate?
Explain your methodology and ideas in a paper of at least four pages. Be sure to research sources to support your ideas, and integrate the sources using APA-formatted citations and matching reference lists. Additionally, use Times New Roman 12pt. double-spaced font.
Render, B., Stair, R. M., Jr., Hanna, M. E., & Hale, T. S. (2015). Quantitative analysis for management (12th ed.). Upper Saddle River, NJ: Pearson.
Unit VIII Final Project
Table of Content
TOC \o "1-3" \h \z \u 1. Introduction PAGEREF _Toc31903201 \h 32. Forecast Accuracy PAGEREF _Toc31903202 \h 33. Impact of Differences Between the Actual and Forecasted Values for the Town PAGEREF _Toc31903203 \h 44. An explanation for Selection of Methodology PAGEREF _Toc31903204 \h 55. New Forecasting Model for High Accuracy PAGEREF _Toc31903205 \h 56. Conclusion PAGEREF _Toc31903206 \h 6References PAGEREF _Toc31903207 \h 8
UNIT VIII FINAL PROJECT
Optimized results can be achieved with the use of statistical models for the purpose of forecasting. Ineffective forecasting models result in results with errors. Therefore, the proper analysis needs to be conducted before the selection of appropriate statistical models and then forecasted values need to be compared with the actual values to identify the differences and make changes in the current models to ensure that errors are minimized. The report presents an analysis of the forecasted and actual results of hurricanes by a regional weather office on the Atlantic coast. Monica, an employee at the regional office has identified that there exists a difference between the actual and forecasted results of the observed landfall. Therefore, it becomes essential to analyze the difference, its impact on the town and then recommend a more effective method for the purpose of forecasting.
2. Forecast Accuracy
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