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Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13...

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 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?

Math   Statistics-And-Probability   
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Answer #1

a) Mean absolute error = Mean of absolute errors = 4.4

b) Mean squared error = Mean of squared errors = 20.8

c) Mean absolute percentage error = Mean of absolute percentage errors = 31.88

d) Forecast for week 7 = 14

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