Question: Q5 (4+10) (a) Shortly explain forecasting and Forecasting error. State the different types of forecasting. (b) You are given with the following data: Year: 2007

Q5 (4+10) (a) Shortly explain "forecasting" and

Q5 (4+10) (a) Shortly explain "forecasting" and "Forecasting error." State the different types of forecasting. (b) You are given with the following data: Year: 2007 2008 2010 2009 2011 2012 2013 2015 2014 2016 Sales: 1800 1700 1650 1550 1440 1360 1300 1250 1200 1100 (in lac TK) (0) What will be predicted sales for 2017? Calculate error in your forecast and make a concluding remark by MAD, TS, and MSE

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