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Calculate the rmse and mad for years

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Reference no: EM133128386

Question 1. CoastCo Insurance is interested in developing a forecast of larceny thefts in the United States. Download the spreadsheet for the available data.

Year

Larcency Thefts*

1

8,151

2

8,348

3

9,263

4

9,978

5

10,271

6

9,906

7

9,983

8

10,578

9

11,137

10

11,194

11

11,143

12

10,713

13

10,592

14

10,926

15

11,257

16

11,500

17

11,706

18

11,872

*Data in thousands

  1. Plot this series in a time series plot and make a naive forecast for years 2 through 19.
  2. Plot actual and forecast values of the series for the years 1 through 19. (You will not have an actual value for year 19 or a forecast value for year 1.)
  3. Calculate the RMSE and MAD 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.

Reference no: EM133128386

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