Using the Data Shown Below, Compute the Mean Square Error

question 18

Essay

Using the data shown below, compute the mean square error, mean absolute deviation, and mean absolute percentage error for the forecasts shown.

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Definitions:

Production Process

The series of steps and procedures involved in the creation of a product from raw materials.

Cycle

In various contexts, it refers to a series of events that repeat in a predictable sequence or timeframe.

Trend

A general direction in which something is developing or changing, often identified in data analysis to forecast future values.

Level Shift

A term often used in time series analysis indicating a change in the mean level of a series at a certain point in time.