The Following Sales Data Are Available for 2003-2008 Calculate the Average Error

question 20

Essay

The following sales data are available for 2003-2008:
$$\begin{array} { | c | c | c | } \hline \text { Year } & \text { Sales } & \text { Forecast } \\\hline 2003 & 7 & 9 \\\hline 2004 & 12 & 10 \\\hline 2005 & 14 & 15 \\\hline 2006 & 20 & 22 \\\hline 2007 & 16 & 18 \\\hline 2008 & 25 & 21 \\\hline\end{array}$$
Calculate the average error.

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Definitions:

Bad Faith

Dishonest dealing, failing to meet obligations, or violating standards of honesty in transactions.

Breach Of An Insurance Contract

The failure by either the insurer or the insured to fulfill their contractual obligations under the terms of an insurance policy.

Punitive Damages

Financial compensation awarded to a plaintiff beyond actual damages to punish the defendant for egregious behavior.

Legal Malpractice Insurance

Insurance that provides coverage to attorneys and law firms for claims made against them by clients and third parties for negligence and errors in the provision of legal services.