Consider the following time series data.   Week 1 2 3 4 5 6 Value 19 12 15 10 17 13   Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy.   Mean absolute error. If required, round your answer to one decimal place. fill in the blank 1 Mean squared error. If required, round your answer to one decimal place. fill in the blank 2 Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places. fill in the blank 3% What is the forecast for week 7? If required, round your answer to two decimal place. fill in the blank 4

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 3CYU
icon
Related questions
Question

Consider the following time series data.

 

Week 1 2 3 4 5 6
Value 19 12 15 10 17 13

 

Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy.

 

  1. Mean absolute error. If required, round your answer to one decimal place.

    fill in the blank 1

  2. Mean squared error. If required, round your answer to one decimal place.

    fill in the blank 2

  3. Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places.

    fill in the blank 3%

  4. What is the forecast for week 7? If required, round your answer to two decimal place.

    fill in the blank 4
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Time Series Analyses, Forecasting Methods, and Indices
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Trigonometry (MindTap Course List)
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781305652224
Author:
Charles P. McKeague, Mark D. Turner
Publisher:
Cengage Learning
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
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL