Question 1 Determine the error for each of the following forecasts. Compute MAD and MSE. Period Value Forecast Error 1 2 3 4 5 6 7 8 9 10 11 Question 2 202″� “� 191 202 173 192 169 181 171 174 175 172 182 174 196 179 204 189 219 198 227 211 The U.S. Census Bureau publishes data on factory orders for all manufacturing, durable goods, and nondurable goods industries. Shown here are factory orders in the United States over a 13-year period ($ billion). 1. Usethesedatatodevelopforecastsfortheyears6through13usinga5-yearmovingaverage. 2. Usethesedatatodevelopforecastsfortheyears6through13usinga5-yearweighted moving average. Weight the most recent year by 6, the previous year by 4, the year before that by 2, and the other years by 1. 3. Compute the errors of the forecasts in parts (a) and (b) and then the MAD. Which forecast is better? 1. 1 2,512.7 2. 2 2,739.2 3. 3 2,874.9 4. 4 2,934.1 5. 5 2,865.7 6. 6 2,978.5 7. 7 3,092.4 8. 8 3,356.8 9. 9 3,607.6 10. 10 3,749.3 11. 11 3,952.0 12. 12 3,949.0 13. 13 4,137.0 Question 3 The “Economic Report to the President of the United States”� included data on the amounts of manufacturers’ new and unfilled orders in millions of dollars. Shown here are the figures for new orders over a 21-year period. Use Excel to develop a regression model to fit the trend effects for these data. Use a linear model and then try a quadratic model. How well does either model fit the data? Year Total Number of New Orders 1. 1 55,022 2. 2 55,921 3. 3 64,1 82 4. 4 76,003 5. 5 87,327 6. 6 85,139 7. 8 115,109 9. 9 131,629 10. 10 147,604 11. 11 156,359 12. 12 168,025 13. 13 162,140 14. 14 175,451 15. 15 192,879 16. 16 195,706 17. 17 195,204 18. 18 209,389 19. 19 227,025 20. 20 240,758 21. 21 243,643
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