Consider the following time series data. Week 1 2 3 4 5 6 Value 18 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 answer to two decimal places. (d) What is the forecast for week 7?
Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 The following are the results using 2 different methods as the forecast for the next week: Naïve method Average of all (most recent value) the historical data a. Mean absolute error 4.40 2.73 b. Mean squared error 20.80 10.86 c. Mean absolute percentage error 31.88 % 21.17 % Which method appears to provide the more accurate forecasts for the historical data? ✓ - Select your answer - Naïve method (most recent value) Average of all the historical data TU TING TIJL, UNTU Nummy the uvuiage of all historical data are all - Select your answer - V than the MAE, MSE, and MAPE using the naive method.
Consider the following time series data: Month 1 2 3 4 5 6 7 Value 25 12 19 11 18 24 15 (a) Compute MSE using the most recent value as the forecast for the next period. If required, round your answer to one decimal place. What is the forecast for month 8? If required, round your answer to one decimal place. Do not round intermediate calculation. (b) Compute MSE using the average of all the data available as the forecast for the next period. If required, round your answer to one decimal place. Do not round intermediate calculation. What is the forecast for month 8? If required, round your answer to one decimal place. (c) Which method appears to provide the better forecast? ✓ - Select your answer - Naïve All data average