Consider the Following Time Series Data Using the Average of All the Historical Data as a |

question 17

Essay

Consider the following time series data. $$\begin{array} { | c | c | } \hline \text { Year } & \text { Value } \\\hline 1 & 234 \\\hline 2 & 287 \\\hline 3 & 255 \\\hline 4 & 310 \\\hline 5 & 298 \\\hline 6 & 250 \\\hline 7 & 456 \\\hline 8 & 412 \\\hline 9 & 525 \\\hline 10 & 436 \\\hline\end{array}$$ 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?

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Definitions:

Emotional States

The internal conditions that arise from feelings and emotions, influencing mood and behavior at a given time.

Equally Attractive

Describes options or choices that are perceived to have the same level of appeal or benefit, making the decision-making process more challenging.

Individualistic Cultures

Societies that emphasize personal achievement, independence, and self-reliance over group cohesion.

Interpersonal Relationships

The strong, deep, or close associations or acquaintances between two or more people that may range in duration from brief to enduring.