Consider the following time series data. Week123456Value181215111813 Using the naïve 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. (b)Mean squared error If required, round your answer to one decimal place. (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?

Given that: Week Value 1 18 2 12 3 15 4 11 5 18 6 13

Answered: onsider the following time series data.…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Consider the following time series data.

Week	1	2	3	4	5	6
Value	18	12	15	11	18	13

Using the naïve 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.


(b)	Mean squared error
	If required, round your answer to one decimal place.


(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?

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