Question

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 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 | 14 | 18 | 4 | 16 | 0.2857 |

3 | 16 | 14 | 2 | 4 | 0.1250 |

4 | 10 | 16 | 6 | 36 | 0.6000 |

5 | 19 | 10 | 9 | 81 | 0.4737 |

6 | 13 | 19 | 6 | 36 | 0.4615 |

7 | 13 | ||||

Total | 27 | 173 | 1.95 | ||

Average | 5.40 | 34.60 | 38.92% | ||

MAD | MSE | MAPE | |||

a)
mean absolute error= |
5.4 |
||||

b)
mean squared error = |
34.6 |
||||

c)
mean absolute % error= |
38.92% |
||||

d)
forecast for week 7 = |
13 |

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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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...

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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
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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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
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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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.
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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...

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decimal place.
(b) Mean squared error If required, round your answer to one
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(c) Mean absolute percentage error If required, round your
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12
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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)
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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