Question: CoastCo Insurance, Inc., is interested in developing a forecast of larceny thefts in the United States. It has found the following data: Year Larceny Thefts

CoastCo Insurance, Inc., is interested in developing a forecast of larceny thefts in the United States. It has found the following data:

Year

Larceny Thefts*

Year

Larceny Thefts*

1

4,151

10

7,194

2

4,348

11

7,143

3

5,263

12

6,713

4

5,978

13

6,592

5

6,271

14

6,926

6

5,906

15

7,257

7

5,983

16

7,500

8

6,578

17

7,706

9

7,137

18

7,872


Plot this series in a time-series plot and make a naive forecast for years 2 through 19. 

Calculate the MAPE for years 2 through 18.

On the basis of these measures and what you see in the plot, what do you think of your forecast? Explain.

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Year Larceny Thefts Nave Forecast Error Absolute Error Absolute Error 1 4151 2 4348 4151 197 ... View full answer

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