Consider the Following Time Series Data

question 50

Essay

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?

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Definitions:

Deuterostomes

A group of animals characterized by a specific pattern of development, including the formation of the anus from the first opening in the embryo, followed by the mouth.

Acorn Worms

Marine invertebrates in the phylum Hemichordata, known for their burrowing habits and acorn-shaped proboscis, playing a vital role in marine ecosystems.

Species Diversity

The variety of species within a region or ecosystem, encompassing species richness and the complexity of their interactions.

Asteroidea

A class within the phylum Echinodermata, commonly known as starfish or sea stars, characterized by their star-shaped body plan.