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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.
Consider the following time series data:
Week 1 2 3 4 5 6
Value 18 13 16 11 17 14
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
b.mean squared error
c. mean absolute percentage error
d.What is the forecast for Week 7?
2. refer to the time series data in exercise 1. using the average of all the historical data as a forecast for the next period, compute the following measures of forecast accuracy
: a. mean absolute error
b. mean squared error
c. mean absolute percentage error
d. What is the forecast for Week 7?
3. exercises 1 and 2 used different forecasting methods. Which method appears to provide the more accurate forecasts for the historical data? explain.
Solutions
Amanda K answered 2 years agoRelated Solutions
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. Week123456Value201315111714Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy: a. Mean absolute error (MAE) b. Mean squared error (MSE) c. Mean absolute percentage error (MAPE) Round your answers to two decimal places. MAE = MSE = MAPE = Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places. MAE = MSE = MAPE = Which method appears to...
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 6Value 19 12 16 10 17 15
Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy:
Mean absolute error (MAE)Mean squared error (MSE)Mean absolute percentage error (MAPE)
Round your answers to two decimal places.
MAE =
MSE =
MAPE =
Using the average of all the historical data as a forecast for the next period, compute...
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
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...
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
18
12
16
11
17
14
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...
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
Using the naive method (most recent value) as the forecast for
the next week, compute the following measures of forecast
accuracy.
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)?
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
Using the naive method (most recent value) as the forecast for
the next week, compute the following measures of forecast
accuracy.
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)?
______
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 18 13 16 11 17 14
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
B. mean squared error
C. mean absolute percentage error
d. What is the forecast for Week 7?
Using the naïve method (most recent value) as the forecast for the next year, what are...
Using the naïve method (most recent value) as the forecast for
the next year, what are the following measures of forecast
accuracy
1) Mean absolute error
2) Mean squared error
3) Mean absolute percentage error
4) What is the forecast for year 11?
Consider the data below:
Year
Value
1
234
2
287
3
255
4
310
5
298
6
250
7
456
8
412
9
525
10
436
Options
A. 1) 72.44 2)
8263.11 3) 18.86%
4) 436...
Use the Naïve Method of forecasting, prepare tables and calculate forecast accuracy measures. What is the forecast for month 11? Prepare the Time Series Plots.
Consider the following time series data.
Month
1
2
3
4
5
6
7
8
9
10
Value
12
19
24
13
20
23
15
21
23
18
Use the Naïve Method of forecasting, prepare tables and calculate forecast accuracy measures. What is the forecast for month 11? Prepare the Time Series Plots.
Use the “Historical Average Forecasting Method” that calculates “Forecast for a month” as “the average of all the observed data right from the beginning up...
Calculate the measures of forecast error using the naive (most recent value) method and the average of historical data (to 2 decimals).
Consider the following time series data.
Week
1
2
3
4
5
6
Value
18
13
17
11
17
15
Calculate the measures of forecast error using the naive (most
recent value) method and the average of historical data (to 2
decimals).
Naive method
Historical data
Mean absolute error
Mean squared error
Mean absolute percentage error
Top of Form
Consider the following time series
data.
Month
1
2
3
4
5
6
7
Value
23
14
19
10
18
23...
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