Question: Consider the following time series data Using the nave method (most recent value) as the forecast for the next week, compute the following measures of
Consider the following time series data
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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
b. Mean squared error
c. Mean absolute percentage error
d. What is the forecast for week7?
Week 2 3 4 5 6 Valu 18 13 16 1 17 14
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The following table shows the calculations for parts a b and c a MAE 225 44 b MSE 1045 208 c MA... View full answer
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