Question: Consider the following time series data. (Use Excel for this problem. Copy paste Excel Tables into your report for answering questions). Month Value 1 12
Consider the following time series data. (Use Excel for this problem. Copy paste Excel Tables into your report for answering questions). Month Value 1 12 2 19 3 24 4 13 5 20 6 23 7 15 8 21 9 23 10 18 a) Use the Nave Method of forecasting. What is the forecast for month 11? b) Use the Forecasting Method that uses the average of all the data available until that period as the forecast for the next period. What is the forecast for month 11? c) Which method appears to provide the better forecast? Use different Measures of Forecast Accuracy in making this determination
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