Consider the following time series data. Year Value 1 234 2 287 255 4 310 5 298 250 7 456 8 412 9. 525 10 446 Using the naïve method (most recent value) as the forecast for the next year, compute the forecast for year 11. Round your answer to two decimal places. 3.

Consider the following time series data. Year Value 1 234 2 287 255 4 310 5 298 250 7 456 8 412 9. 525 10 446 Using the naïve method (most recent value) as the forecast for the next year, compute the forecast for year 11. Round your answer to two decimal places. 3.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 1.2CE: Plot the logarithm of arrivals for each transportation mode against time, all on the same graph....

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Question

help me understand this problem

Consider the following time series data.
Year
Value
1
234
2
287
255
4
310
298
250
7
456
8
412
9
525
10
446
Using the naïve method (most recent value) as the forecast for the next year, compute the
forecast for year 11. Round your answer to two decimal places.

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