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

Consider the following time series data.

Week	1	2	3	4	5	6
Value	18	13	16	11	17	14

a. Mean absolute error (to 1 decimal).

b.Mean squared error (to 1 decimal).

c. Mean absolute percentage error (to 2 decimals).

d. What is the forecast for week 7 (to 2 decimals)?

Expert Solution

Therefore, we have that for the given time series data, the forecast for 7 using a naive forecast is 14. The mean average deviation is Mean absolute error = 4.4, the mean square error is MSE = 20.8 and the mean average percentage error is MAPE = 31.88%

Formula Ref:

orchestra answered 2 years ago

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

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