Week 1 2 3 4 5 6 Value 18 14 15 10 17 15 Using the...

Week	1	2	3	4	5	6
Value	18	14	15	10	17	15

Using the naïve method (most recent value) as the forecast for the 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 the forecast for week 7?

Solutions

Expert Solution

Mean absolute error = 3.8

Mean squared error = 19.0

Mean absolute percentage error = 0.28

What is the forecast for week 7?

week 7 = 15

Formula Reference:

orchestra answered 1 year ago

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