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