Asian Journal of Science, Technology, Engineering, and Art
Vol 2 No 6 (2024): Asian Journal of Science, Technology, Engineering, and Art

Comparative Study on Forecast Performance from Decomposition, Winter’s and Sarima Models

Stephen, Mathew (Unknown)
Ogunmola, Adeniyi (Unknown)
Akobi, Clement Ogbeche (Unknown)
Michael, Ibrahim (Unknown)



Article Info

Publish Date
07 Nov 2024

Abstract

This study investigates the forecasting accuracy of three univariate time series models—Decomposition, Winter’s method, and Seasonal Autoregressive Integrated Moving Average (SARIMA) to predict the Agricultural GDP of Nigeria. Quarterly data on Nigeria's Agricultural GDP from 2010 to the first quarter of 2023, obtained from the National Bureau of Statistics, were analyzed. The study applied Box-Jenkins SARIMA modeling, time series decomposition, and Winter’s method to compare their forecasting accuracy using Root Mean Square Error (RMSE) as the selection criterion. The results revealed that the SARIMA (0, 0, 2)(2, 1, 0) model outperformed the other methods, with the lowest RMSE, indicating its superior accuracy in forecasting Agricultural GDP. Winter’s method and the Decomposition method. The forecast from the SARIMA model indicated a positive trend in Nigeria’s Agricultural GDP over the study period, reinforcing the sector’s critical role in economic growth.

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Journal Info

Abbrev

AJSTEA

Publisher

Subject

Arts Computer Science & IT Engineering Social Sciences

Description

Asian Journal of Science, Technology, Engineering, and Art [3025-5287 (Print) and 3025-4507 (Online)] is a double-blind peer-reviewed, and open-access journal to disseminating all information contributing to the understanding and development of Science, Technology, Engineering, and Art. Its scope is ...