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Consider the following time series data. Week 1 2 3 4 5 6 Value 20 13 16 10 18 14 Using the nave method (most
Consider the following time series data.
Week | 1 | 2 | 3 | 4 | 5 | 6 |
Value | 20 | 13 | 16 | 10 | 18 | 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 (MAE)
B. Mean squared error (MSE)
C. Mean absolute percentage error (MAPE)
Round your answers to two decimal places.
MAE =
MSE =
MAPE =
Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places.
MAE =
MSE =
MAPE =
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