A government agency is asking your help to establish a model to predict State Final Demand (SFD) for every state in Australia.
A government agency is asking your help to establish a model to predict State Final Demand (SFD) for every state in Australia. The proposed model must be able to produce quarterly forecast of SFD for all states in Australia and the forecast horizon should be at least 4 steps ahead (forecast for next year). Please answer each of the following questions. Please label your solution to each part. (a) Provide a concise description of SFD and its components. What does these measure and why is it important for managing state economy? (b) How many SFD data series does the Australian Bureau of Statistics provide? What are their differences? Which one would you use for forecasting purposes and why? (c) What is your modelling strategy/approach and what metric would you use to measure forecast performance? (d) Will your proposed model help explain the WA State Final Demand relative to other states? If so, how? Reference: https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accountsnational-income-expenditure-and-product/latest-release Notes: For question 5 (parts (a) to (e)), please do not write more than 1.5 pages. For parts (c) and (d), we are only required to propose a suitable model and address the questions.
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