Question

In: Statistics and Probability

Using the naïve method (most recent value) as the forecast for the next year, what are...

Using the naïve method (most recent value) as the forecast for the next year, what are the following measures of forecast accuracy

1) Mean absolute error

2) Mean squared error

3) Mean absolute percentage error

4) What is the forecast for year 11?

Consider the data below:

Year

Value

1

234

2

287

3

255

4

310

5

298

6

250

7

456

8

412

9

525

10

436


Options

  • A. 1) 72.44     2) 8263.11     3) 18.86%     4) 436
  • B. 1) 72.44     2) 8263.11     3) 34.45%     4) 586
  • C. 1) 81.67      2) 4592.51     3) 18.86%     4) 436
  • D. 1) 72.44      2) 8263.11   3) 18.86%     4) 785

Solutions

Expert Solution

A. 1) 72.44     2) 8263.11     3) 18.86%     4) 436


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