The gross domestic product (GDP) of the United States from 1993 to 2003 is given in the
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The gross domestic product (GDP) of the United States from 1993 to 2003 is given in the table below. The numbers are in billions of U.S. dollars. Develop forecasts for the GDP of 2004 using exponential smoothing with smoothing constants of 0.4 and 0.6. Assume the forecast is $6,657 for 1993. Which of these models has the lowest mean absolute deviation?
Year GDP ($Billions)
1993 .......... 6,657
1994 .......... 7,072
1995 .......... 7,398
1996 .......... 7,817
1997 .......... 8,304
1998 .......... 8,747
1999 .......... 9,268
2000 .......... 9,817
2001 ..........10,128
2002 ..........10,487
2003 ..........11,004
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Quantitative Analysis for Management
ISBN: 978-0132149112
11th Edition
Authors: Barry render, Ralph m. stair, Michael e. Hanna
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