Question

# Consider the following time series data. Week 1 2 3 4 5 6 Value 20 12...

Consider the following time series data.

 Week 1 2 3 4 5 6 Value 20 12 15 10 19 14

Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy.

1. Mean absolute error. Round your answer to one decimal place.

2. Mean squared error. Round your answer to one decimal place.

3. Mean absolute percentage error. Round your answer to two decimal places.

4. What is the forecast for week 7? Round your answer to the nearest whole number.

#### Homework Answers

Answer #1
 Time period Actual Value(A) Moving avg. Forecast(F) Forecast error E=|A-F| Squared Forecast Error 1 20 2 12 20 8 64 3 15 12 3 9 4 10 15 5 25 5 19 10 9 81 6 14 19 5 25 7 14 Total 30 204 Average 6.00 40.80 MAD MSE a) mean absolute error= 6.00 b) mean squared error = 40.80 c) mean absolute % error= 43.95% d) forecast for week 7 = 14
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