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Consider the following time series data. Week 1 2 3 4 5 6 Value 18 14 16 11 17 14 Using the nave method (most
Consider the following time series data.
Week | 1 | 2 | 3 | 4 | 5 | 6 |
Value | 18 | 14 | 16 | 11 | 17 | 14 |
Using the nave method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy.
(a) | Mean absolute error |
If required, round your answer to one decimal place. | |
(b) | Mean squared error |
If required, round your answer to one decimal place. | |
(c) | Mean absolute percentage error |
If required, round your intermediate calculations and final answer to two decimal places. | |
(d) | What is the forecast for week 7? |
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