Consider the following time series data. Week 1 2 3 4 сл 5 6 Value 19 12 16 12 17 13 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?
Consider the following time series data. Week 1 2 3 4 сл 5 6 Value 19 12 16 12 17 13 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?
Chapter4: Linear Functions
Section4.3: Fitting Linear Models To Data
Problem 24SE: Table 6 shows the year and the number ofpeople unemployed in a particular city for several years....
Question
Transcribed Image Text:Consider the following time series data.
Week
1 2
3
4
сл
5
6
Value 19 12
16
12 17
13
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?
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