Answered step by step
Verified Expert Solution
Question
1 Approved Answer
For the Naive 1 forecast below: Year Total Exprts Nave Forecast 1960 25,939 1961 26403 25,939 1962 27722 26,403 1963 29620 27,722 1964 33340 29,620
For the Naive 1 forecast below:
Year | Total Exprts | Nave Forecast |
1960 | 25,939 | |
1961 | 26403 | 25,939 |
1962 | 27722 | 26,403 |
1963 | 29620 | 27,722 |
1964 | 33340 | 29,620 |
1965 | 35285 | 33,340 |
1966 | 38926 | 35,285 |
1967 | 41333 | 38,926 |
1968 | 45544 | 41,333 |
1969 | 49220 | 45,544 |
1970 | 56640 | 49,220 |
1971 | 59677 | 56,640 |
1972 | 67223 | 59,677 |
1973 | 91242 | 67,223 |
1974 | 120897 | 91,242 |
1975 | 132585 | 1,20,897 |
1976 | 142716 | 1,32,585 |
1977 | 152302 | 1,42,716 |
1978 | 178428 | 1,52,302 |
1979 | 224132 | 1,78,428 |
1980 | 271835 | 2,24,132 |
1981 | 294399 | 2,71,835 |
1982 | 275235 | 2,94,399 |
1983 | 266106 | 2,75,235 |
1984 | 291094 | 2,66,106 |
1985 | 289071 | 2,91,094 |
1986 | 310034 | 2,89,071 |
1987 | 348869 | 3,10,034 |
1988 | 431150 | 3,48,869 |
1989 | 487003 | 4,31,150 |
1990 | 535234 | 4,87,003 |
1991 | 578343 | 5,35,234 |
1992 | 616882 | 5,78,343 |
1993 | 642863 | 6,16,882 |
1994 | 703254 | 6,42,863 |
1995 | 794387 | 7,03,254 |
1996 | 851602 | 7,94,387 |
1997 | 934453 | 8,51,602 |
1998 | 933174 | 9,34,453 |
1999 | 976525 | 9,33,174 |
2000 | 1082963 | 9,76,525 |
2001 | 1015366 | 10,82,963 |
2002 | 986095 | 10,15,366 |
2003 | 1028186 | 9,86,095 |
2004 | 1168120 | 10,28,186 |
2005 | 1291503 | 11,68,120 |
2006 | 1463991 | 12,91,503 |
2007 | 1660815 | 14,63,991 |
2008 | 1849586 | 16,60,815 |
2009 | 1592792 | 18,49,586 |
2010 | 1872320 | 15,92,792 |
2011 | 2143552 | 18,72,320 |
2012 | 2247453 | 21,43,552 |
2013 | 2313237 | 22,47,453 |
2014 | 2392268 | 23,13,237 |
2015 | 2279743 | 23,92,268 |
2016 | 2237923 | 22,79,743 |
2017 | 2387391 | 22,37,923 |
2018 | 2539383 | 23,87,391 |
2019 | 2528262 | 25,39,383 |
Calculate:
- Mean Error
- Mean Absolute Error
- Mean Percentage Error
- Mean Absolute Percentage Error
- Mean-Squared Error
- Root-Mean-Squared Error
- Theil's U
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started