Consider the following time series data. Week 1 2 3 5 6 Value 19 13 10 19. 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 If required, round your answer to one decimal place. 4.8 32.5 16 (b) Mean squared error If required, round your answer to one decimal place. 4 (c) Mean absolute percentage error If required, round your intermediate calculations and final answer to two decimal places. 36.43 19 (d) What is the forecast for week 77

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question

E

Consider the following time series data.
Week
1
2
Value 19 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
If required, round your answer to one decimal place.
4.8
3
36.43
4
16
19
5
(b) Mean squared error
If required, round your answer to one decimal place..
32.5
6
10 19 13
(c) Mean absolute percentage error
If required, round your intermediate calculations and final answer to two decimal places.
*
(d) What is the forecast for week 7?
Transcribed Image Text:Consider the following time series data. Week 1 2 Value 19 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 If required, round your answer to one decimal place. 4.8 3 36.43 4 16 19 5 (b) Mean squared error If required, round your answer to one decimal place.. 32.5 6 10 19 13 (c) Mean absolute percentage error If required, round your intermediate calculations and final answer to two decimal places. * (d) What is the forecast for week 7?
Expert Solution
steps

Step by step

Solved in 7 steps with 13 images

Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman