Question

a. Given the following data,

Months Time Series
1 50
2 49
3 52
4 55
5 46
6 59
7 60
8 51
9 46
10 52
11 60
12 57
13 53
14 55
15 46
16 52
17 59
18 45

Required :
a. Prepare a forecast table using the naïve method, include the forecast error, absolute forecast error, square forecast error, percentage of error and absolute value of forecast error.
b. Prepare a forecast table using the average of past values method, include the forecast error, absolute forecast error, square forecast error, percentage of error and absolute value of forecast error.
c. For each of the method above, compute for the mean forecast error, mean absolute error, mean squared error and mean absolute percentage error.

Answer 1

Answer:

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