Question

Using the average of all the historical data as a forecast for the next year, compute...

Using the average of all the historical data as a forecast for the next year, compute 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) 85.79      2) 12,053.09      3) 31.88%      4) 748.45
  • B. 1) 85.79      2) 12,053.09      3) 20.88%      4) 346.3
  • C. 1) 78.12      2) 34,847.76     3) 20.88%      4) 346.3
  • D. 1) 85.79      2) 12,053.09      3) 20.88%      4) 116.76
Math   Statistics-And-Probability   
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Answer #1

Solution: The correct option is:

B. 1) 85.79      2) 12,053.09      3) 20.88%      4) 346.3

Explanation:

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