Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

  1. Mean absolute error. If required, round your answer to one decimal place. fill in the blank
  2. Mean squared error. If required, round your answer to one decimal place. fill in the blank
  3. Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places. fill in the blank %
  4. What is the forecast for week 7? If required, round your answer to two decimal place. fill in the blank

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Differential Equations and Linear Algebra

Authors: Jerry Farlow, James E. Hall, Jean Marie McDill, Beverly H. West

2nd edition

131860615, 978-0131860612

More Books

Students also viewed these Mathematics questions