Determine the error for each of the following forecasts. Compute MAD andMSE.
Answer to relevant QuestionsUsing the following data determine the values of MAD and MSE. Which of these measurements of error seems to yield the best information about the forecasts?Why?The U.S. Census Bureau publishes data on factory orders for all manufacturing, durable goods, and nondurable goods industries. Shown here are factory orders in the United States over a 13-year period ($ billion). a. Use ...The U.S. Department of Labor publishes consumer price indexes (CPIs) on many commodities. Following are the percentage changes in the CPIs for food and for shelter for the years 1994 through 2011.Use these data to develop a ...Using the data that follow, compute the aggregate index numbers for the four types of meat. Let 1995 be the base year for this market basket ofgoods.The U.S. Department of Commerce publishes a series of census documents referred to as Current Industrial Reports. Included in these documents are the manufacturers’ shipments, Inventories, and orders over a 5-year period. ...
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