Consider the following time series data. Week 1 2 3 4 5 6 Value 17 13 15 12 16 14 Using the naive 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 (Round your answer to two decimal places.) MAPE = % (d) What is the forecast for week 7? Type here to search 414 רו + L zoom 72°F

Big Ideas Math A Bridge To Success Algebra 1: Student Edition 2015
1st Edition
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:HOUGHTON MIFFLIN HARCOURT
Chapter9: Solving Quadratic Functions
Section: Chapter Questions
Problem 4CA
icon
Related questions
Question
Help please
Consider the following time series data.
Week
1
2
3
4
5
6
Value
17
13
15 12 16
14
Using the naive 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 (Round your answer to two decimal places.)
MAPE =
%
(d) What is the forecast for week 7?
Type here to search
414
רו
+
L
zoom
72°F
Transcribed Image Text:Consider the following time series data. Week 1 2 3 4 5 6 Value 17 13 15 12 16 14 Using the naive 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 (Round your answer to two decimal places.) MAPE = % (d) What is the forecast for week 7? Type here to search 414 רו + L zoom 72°F
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL