Forecasting Case Study: New Business Planning
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Access the “Entrepreneurship and the U.S. Economy” page of the Bureau of Labor Statistics website (https://www.bls.gov/bdm/entrepreneurship/entrepreneurship.htm) and complete this forecasting assignment according to the directions provided in the “Forecasting Case Study: New Business Planning” resource.
Using the five most recent years and the “Forecasting Template” spreadsheet provided, complete the forecasts for the next two periods and provide updated Totals and Average Bias, median absolute deviation (MAD), mean squared error (MSE), and mean absolute percentage error (MAPE) for all four charts. Provide a Summary Page in Excel with a 500-750 word report on the analysis completed by the forecasting models. Include review of error, recommendations on the best forecasting model to use, and analysis of the business trend data for new business startup in the United States.
Use an Excel spreadsheet file for the calculations and explanations. Cells should contain the formulas (if a formula was used to calculate the entry in that cell). You are highly encouraged to use the Excel resource, “Forecasting Template,” to complete this assignment.
Mac users can use StatPlus:mac LE, free of charge, from AnalystSoft.
Prepare the assignment according to the guidelines found in the APA Style Guide. An abstract is not required.
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