Self-Assessment: Predictive Analytics
Use these questions as a means to determine how well you understand the material of this lesson and where you have weaknesses. After completing the self-assessment, review the material of the lesson.
- How do you use the MAD to evaluate the fit of a model and compare models?
- When does the tracking signal tell you that a model is no longer providing good forecasts?
- When would you use the R-Squared rather than the MAD to evaluate the fit of a model?
- Can you build a model if you do not have empirical data?
- How would you calculate an 80% confidence interval rather than a 95% confidence interval?