Consider the following time series data: Week 1 2 3 4 Value 16 18 25 15 16 19 Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy and fill in the blanks. 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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Consider the following time series data:
Week
1
2
3
4
5
6
Value
16
18
25
15
16
19
Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy and fill in the
blanks.
a. mean absolute error =
b. mean squared error =
c. mean absolute percentage error =
d. What is the forecast for Week 7?
Transcribed Image Text:Consider the following time series data: Week 1 2 3 4 5 6 Value 16 18 25 15 16 19 Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy and fill in the blanks. 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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