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Consider the following time series data: Week: 1 2 3 4 5 6 Value: 19 12 15 10 18 15 Using the nave method (most
Consider the following time series data:
Week: 1 2 3 4 5 6
Value: 19 12 15 10 18 15
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 1
- Mean squared error. If required, round your answer to one decimal place. fill in the blank 2
- Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places. fill in the blank 3%
- What is the forecast for week 7? If required, round your answer to two decimal place. fill in the blank 4
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