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Consider the following time series data. Week 1 2 3 4 5 6 Value 20 14 15 11 17 13 Using the nave method (most
Consider the following time series data.
Week | 1 | 2 | 3 | 4 | 5 | 6 |
Value | 20 | 14 | 15 | 11 | 17 | 13 |
Using the nave method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy.
- Mean absolute error. If required, round your answer to one decimal place. fill in the blank
- Mean squared error. If required, round your answer to one decimal place. fill in the blank
- Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places. fill in the blank %
- What is the forecast for week 7? If required, round your answer to two decimal place. fill in the blank
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