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Answer :
Final answer:
To find the absolute error for Year 4, subtract the actual value from the forecasted value and take the absolute value of the result, which in this case is 100.
Explanation:
Absolute error for Year 4 can be calculated by finding the absolute difference between the forecasted value and the actual value for that year.
- Forecasted value for Year 4 = 3800
- Actual value for Year 4 = 3700
- Absolute error = |3700 - 3800| = 100
To calculate the absolute error for Year 4 in this forecasting problem, we need to know the actual (or observed) value and the forecasted (or predicted) value for Year 4. Since the question doesn't provide a forecasted value, we assume the given value for Year 4 (3800) is the actual value, and the forecasted value is missing. Absolute error cannot be determined without the forecasted value. To calculate the absolute error if the forecasted value is provided, you subtract the forecasted value from the actual value (without regard to the sign), resulting in the absolute value of the difference between the two.
For example, if the forecasted value for Year 4 was 4000, then the absolute error would be calculated as |3800 - 4000| = |-200| = 200.
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