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Consider the following time series data. Week 1 2 3 4 5 6 Value 17 12 15 12 18 14

Consider the following time series data. Week 1 2 3 4 5 6 Value 17 12 15 12 18 14

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Consider the following time series data. Week 1 2 3 4 5 Value 17 12 15 12 18 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?
Transcribed Image Text:Consider the following time series data. Week 1 2 3 4 5 Value 17 12 15 12 18 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?
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