Question

Consider the following time series data.

Week |
1 | 2 | 3 | 4 | 5 | 6 |

Value |
18 | 14 | 17 | 12 | 17 | 14 |

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 |

Which method provides the most accurate forecasts?

SelectNaiveHistorical dataItem 7

Answer #1

Consider the following time series
data.
Week
1
2
3
4
5
6
Value
18
14
16
12
17
14
Using the naive method (most recent value) as the forecast for
the next week, compute the following measures of forecast accuracy.
Round the intermediate calculations to two decimal places.
Mean absolute error (to 1 decimal).
Mean squared error (to 1 decimal).
Mean absolute percentage error (to 2 decimals).
%
What is the forecast for week 7 (to the nearest whole...

Consider the following time series data.
Week
1
2
3
4
5
6
Value
18
12
17
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
MAE =
(b)
mean squared error
MSE =
(c)
mean absolute percentage error (Round your answer to two decimal
places.)
MAPE = %
(d)
What is the forecast for week 7?

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

Consider the following time series data.
Week
1
2
3
4
5
6
Value
19
14
16
11
18
15
Using the naive method (most recent value) as the forecast for
the next week, compute the following measures of forecast accuracy.
Round the intermediate calculations to two decimal places.
Mean absolute error (to 1 decimal).
Mean squared error (to 1 decimal).
Mean absolute percentage error (to 2 decimals).
%
What is the forecast for week 7 (to the nearest whole...

Consider the following time series data.
Week 1 2 3 4 5 6
Value 19 14 17 10 17 13
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 MAE =
(b) mean squared error MSE =
(c) mean absolute percentage error (Round your answer to two
decimal places.) MAPE = %
(d) What is the forecast for week 7?

Consider the following time series data.
Week
1
2
3
4
5
6
Value
18
14
15
10
17
15
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...

Consider the following time series data.
Week
1
2
3
4
5
6
Value
18
14
15
11
19
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...

Consider the following time series data.
Week
1
2
3
4
5
6
Value
19
14
17
12
18
15
Using the average of all the historical data as a forecast for
the next period, compute the following measures of forecast
accuracy.
Round your answers to two decimal places.
a. Mean absolute error.
b. Mean squared error.
c. Mean absolute percentage error.
d. What is the forecast for week ?

Consider the following time series data.
Week
1
2
3
4
5
6
Value
18
14
16
10
19
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...

Consider the following time series data.
Week
1
2
3
4
5
6
Value
18
14
16
10
19
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...

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