In: Statistics and Probability
Consider the following time series data.
Week | 1 | 2 | 3 | 4 | 5 | 6 |
Value | 19 | 13 | 15 | 10 | 17 | 13 |
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? |