A concert promoter is forecasting this year's attendance for one of his concerts based on the following historical data:
Year Attendance
four years ago 10,000
three years ago 12,000
two years ago 18,000
last year 20,000
1. What is this year's forecast using the naive approach? A. 22,000 B. 20,000 C. 18,000 D. 15,000 E. 12,000
2. What is this year's forecast using the least squares trend line for these data? A. 20,000 B. 21,000 C. 22,000 D. 23,000 E. 24,000 10.
3. Given forecast errors of 4, 8, and - 3, what is the mean absolute deviation? A. 4 B. 3 C. 5 D. 6 E. 12