Problem 6-01 (Algorithmic)

Consider the following time series data.

week 1 2 3 4 5 6

value 18 13 15 11 19 13

Using the naive method (most recent value) as forecast for next week, compute the following measures of forecast accuracy

A. Mean absolute error. If required, round your answer to one decimal place

B. Mean squared error. If required, round your answer to one decimal place

C. Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places.

D. What is forecast for week 7? If required, round your answer to two decimal place.