Question

Consider the following time series data. Week 1 2 3 4 5 6 Value 18 12...

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?

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