Using the naïve 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	19	13	15	10	17	13

(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?

Expert Solution

orchestra answered 3 years ago

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

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