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	20	15	18	14	18	15

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)?

______

Solutions

Expert Solution

Therefore, we have that for the given time series data, the forecast for July using a naive forecast is 15. The mean average deviation is MAD = 3.8, the mean square error is MSE = 15 and the mean average percentage error is MAPE = 24.16%

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orchestra answered 1 year ago

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