Forecast Combination Method
(Redirected from Prediction Combination Technique)
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A Forecast Combination Method is a combination method that merges multiple forecasts into unified predictions.
- AKA: Forecast Aggregation Method, Prediction Combination Technique, Forecast Pooling Method, Ensemble Forecast Method.
- Context:
- It can typically apply forecast combination method weights to component forecasts.
- It can typically improve forecast combination method accuracy over individual predictions.
- It can typically reduce forecast combination method variance through diversification effect.
- It can often employ forecast combination method optimization for weight selection.
- It can often incorporate forecast combination method adjustments for bias correction.
- It can often utilize forecast combination method evaluation via holdout testing.
- It can range from being a Simple Forecast Combination Method to being a Complex Forecast Combination Method, depending on its sophistication level.
- It can range from being a Linear Forecast Combination Method to being a Non-Linear Forecast Combination Method, depending on its combination function.
- It can range from being a Static Forecast Combination Method to being a Dynamic Forecast Combination Method, depending on its weight adaptation.
- It can range from being a Equal-Weight Forecast Combination Method to being a Optimal-Weight Forecast Combination Method, depending on its weighting scheme.
- ...
- Examples:
- Simple Forecast Combination Methods, such as:
- Weighted Forecast Combination Methods, such as:
- Advanced Forecast Combination Methods, such as:
- ...
- Counter-Examples:
- Model Selection Method, which chooses single best model.
- Forecast Switching Method, which alternates between different models.
- Individual Forecast Method, which uses single prediction.
- See: Combination Method, Aggregate Forecast, Ensemble Method, Weighted Average, Forecast Accuracy, Variance Reduction, Wisdom of Crowds Effect, Statistical Aggregation, Prediction Pooling.