Question

Consider the following time series data. Week 1 2 3 4 5 6 Value 18 14...

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?

Homework Answers

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
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Consider the following time series data. Week 1 2 3 4 5 6 Value 18 14...
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...
Consider the following time series data. Week 1 2 3 4 5 6 Value 18 14...
Consider the following time series data. 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...
Consider the following time series data. Week 1 2 3 4 5 6 Value 18 14...
Consider the following time series data. 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...
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...
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...
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...
Consider the following time series data. Week 1 2 3 4 5 6 Value 19 13...
Consider the following time series data. Week 1 2 3 4 5 6 Value 19 13 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...
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 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...
Consider the following time series data. Week 1 2 3 4 5 6 Value 19 13...
Consider the following time series data. Week 1 2 3 4 5 6 Value 19 13 16 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 20 12...
Consider the following time series data. Week 1 2 3 4 5 6 Value 20 12 16 10 18 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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT