Question
Consider the following time series data Week Value 1 32 2 15 3 24 4 10 5 28 6 34 What is the forecast for
Consider the following time series data
| Week | Value |
| 1 | 32 |
| 2 | 15 |
| 3 | 24 |
| 4 | 10 |
| 5 | 28 |
| 6 | 34 |
What is the forecast for week 7 using the naive method?
What is the MAE using the naive method? Round to the nearest hundredth?
What is the MAE using an average of all of the historical information? Round to the nearest hundredth?
What is the MSE using the naive method? Round to the nearest hundredth?
What is the MSE using an average of all of the historical information? Round to the nearest hundredth?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
First we use the Nave Method for forecasting the value of Week 7 which consists of simply copying th...
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Step: 2
Step: 3
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Essentials Of Business Analytics
Authors: Jeffrey Camm, James Cochran, Michael Fry, Jeffrey Ohlmann, David Anderson, Dennis Sweeney, Thomas Williams
1st Edition
128518727X, 978-1337360135, 978-1285187273
