### Exercise 17.01 Algo (Forecast Accuracy)#### Consider the following time series data:| **Week** | 1 | 2 | 3 | 4 | 5 | 6 ||----------|---|---|---|---|---|---|| **Value** | 18 | 13 | 18 | 14 | 15 | 15 |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 (to 1 decimal):**Input Box**b. Mean squared error (to 1 decimal):**Input Box**c. Mean absolute percentage error (to 2 decimals):**Input Box %**d. What is the forecast for week 7 (to 2 decimals)?**Input Box**Feedback Section:**This section provides feedback based on your inputs.- Current feedback: Incorrect### Explanation of Graphs/Diagrams:This exercise involves a table of time series data for six weeks with corresponding values. The objective is to compute various measures of forecast accuracy using the naive method, where the forecast for the next period is the actual value from the most recent period.Try to calculate the mean absolute error, mean squared error, mean absolute percentage error, and the forecast for the next week based on given values. For more information or to verify your answers, use the provided hints or check your work options.

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Answered: Consider the following time series…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

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