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

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Question

Statistics

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

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

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