Question

Consider the following time series data.

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

Value |
18 | 12 | 15 | 10 | 18 | 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? |

Answer #1

Time period | Actual Value(A) | Moving avg. Forecast(F) | Forecast error E=|A-F| | Squared Forecast Error | |A-F|A |

1 | 18 | ||||

2 | 12 | 18 | 6 | 36 | 0.5000 |

3 | 15 | 12 | 3 | 9 | 0.2000 |

4 | 10 | 15 | 5 | 25 | 0.5000 |

5 | 18 | 10 | 8 | 64 | 0.4444 |

6 | 14 | 18 | 4 | 16 | 0.2857 |

7 | 14 | ||||

Total | 26 | 150 | 1.93 | ||

Average | 5.20 | 30.00 | 38.60% | ||

MAD | MSE | MAPE |

a) mean absolute error= |
5.2 |
||

b)
mean squared error = |
30.0 |
||

c)
mean absolute % error= |
38.60% |
||

d)
forecast for week 7 = |
14 |

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Using the naïve method (most recent value) as the forecast for
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(a)
Mean absolute error
If required, round your answer to one decimal place.
(b)
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If required, round your answer to one decimal place.
(c)
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If required, round your intermediate calculations and final...

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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...

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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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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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Week
1
2
3
4
5
6
Value
20
12
16
11
18
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...

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Week
1
2
3
4
5
6
Value
18
13
16
11
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...

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Value
18
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13
Using the naïve method (most recent value) as the forecast for
the next week, compute the following measures of forecast
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(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.
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If required, round your intermediate calculations and final...

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Using the naïve method (most recent value) as the forecast for
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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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