Consider the following time series data. 1 2 3 4 5 6 Week Value 19 14 17 12 17 15 Calculate the measures of forecast error using the naive (most recent value) method and the average of historical data (to 2 decimals). Naive method Historical data Mean absolute error Mean squared error Mean absolute percentage error

Consider the following time series data. 1 2 3 4 5 6 Week Value 19 14 17 12 17 15 Calculate the measures of forecast error using the naive (most recent value) method and the average of historical data (to 2 decimals). Naive method Historical data Mean absolute error Mean squared error Mean absolute percentage error

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.5: Comparing Sets Of Data

Problem 14PPS

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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 b. Mean squared error c. Mean absolute percentage error d. What is the forecast for week 7?
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