Consider the following time series data:

Using the average of all the historical data as a forecast for the next year, compute the following measures of forecast accuracy:a. Mean absolute error
b. Mean squared error
c. Mean absolute percentage error
d. What is the forecast for year 11?

Question

Consider the following time series data:
  
Using the average of all the historical data as a forecast for the next year, compute the following measures of forecast accuracy:a. Mean absolute error
b. Mean squared error
c. Mean absolute percentage error
d. What is the forecast for year 11?

Quizplus · Accepted Answer

The Answer of Consider the following time series data:
  
Using the average of all the historical data as a forecast for the next year, compute the following measures of forecast accuracy:a. Mean absolute error
b. Mean squared error
c. Mean absolute percentage error
d. What is the forecast for year 11?

Consider the Following Time Series Data