Consider the following time series data.Week1346.Value191215101715Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy:a. Mean absolute error (MAE)b. Mean squared error (MSE)c. Mean absolute percentage error (MAPE)Round your answers to two decimal places.МАЕ 3MSE =МАРЕ -Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places.МАЕ 3MSE =МАРЕ 3Which method appears to provide the more accurate forecasts for the historical data?

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

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Question

Consider the following time series data.
Week
1
3
4
6.
Value
19
12
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 (MAE)
b. Mean squared error (MSE)
c. Mean absolute percentage error (MAPE)
Round your answers to two decimal places.
МАЕ 3
MSE =
МАРЕ -
Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places.
МАЕ 3
MSE =
МАРЕ 3
Which method appears to provide the more accurate forecasts for the historical data?

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