Demonstrate a time-series graph of actual and forecast value

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Reference no: EM133257040

Case: Suppose that you work for a U.S senator who is contemplating writing a bill that would put a national sales tax in place. Because the tax would be levied on the sales revenue of retail stores, the senator has asked you to prepare a forecast of retail store sales for year 8, based on data from year 1 through year 7. The data are:

Year Retail Store Sales

$1,225
$1,285
$1,359
$1,392
$1,443
$1,474
$1,467

Question 1. Use the naïve forecasting model presented in this chapter to demonstrate a forecast of retail store sales for each year from 2 through 8.

Question 2. Demonstrate a time-series graph of actual and forecast values of retail store sales for the entire period. (You will not have a forecast for year 1 or an actual value for year 8)

Question 3. Calculate the MAPE for your forecast series using the values for years 2 through 7.

Reference no: EM133257040

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