Month 1 2 3 4 5 6 7 Ucing the most Value 24 13 20 12 19 23 15 ont value as the forecast for the next

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Month
1
2
3
4
5
6
7
Value
24
13
20
12
19
23
15
Using the most recent value as the forecast for the next
month, compute the following measures of forecast
accuracy:
a) Mean Absolute Error (MAE)
b) Mean Squared Error (MSE)
c) Mean Absolute Percentage Error (MAPE)
d) What is the forecast for Month 8?
Transcribed Image Text:Month 1 2 3 4 5 6 7 Value 24 13 20 12 19 23 15 Using the most recent value as the forecast for the next month, compute the following measures of forecast accuracy: a) Mean Absolute Error (MAE) b) Mean Squared Error (MSE) c) Mean Absolute Percentage Error (MAPE) d) What is the forecast for Month 8?
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