Use the Naïve Method of forecasting, prepare tables and calculate forecast accuracy measures. What is the forecast for month 11? Prepare the Time Series Plots.

Consider the following time series data.

Month	1	2	3	4	5	6	7	8	9	10
Value	12	19	24	13	20	23	15	21	23	18

Use the Naïve Method of forecasting, prepare tables and calculate forecast accuracy measures. What is the forecast for month 11? Prepare the Time Series Plots.
Use the “Historical Average Forecasting Method” that calculates “Forecast for a month” as “the average of all the observed data right from the beginning up until the previous month.” Prepare tables and calculate forecast accuracy measures. What is the forecast for month 11? Prepare the Time Series Plots.
Which method appears to provide the better forecast? Use different Measures of Forecast Accuracy in making this determination.

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Expert Solution

orchestra answered 1 year ago

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