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Solve the given question as mentioned in the image. Suppose the forecast errors of two forecast schemes are as follows: What are the RMSES of

Solve the given question as mentioned in the image.

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Suppose the forecast errors of two forecast schemes are as follows: What are the RMSES of the forecasts? Which scheme makes a better forecast based on RMSE? (6 points) Is the difference in the performances of the two forecasts statistically signicant? Explain very clearly step by step - how you would check that. (5 points)

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