1. Measuring the Forecast Accuracy of the Nave Method. Consider the following time series data: Week 1 2 3 4 5 6 Value 18 13

1. Measuring the Forecast Accuracy of the Naïve Method. Consider the following time series data:

Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 Using the naïve method (most recent value) as the forecast for the next week, compute the following:

a. Mean absolute error

b. Mean squared error

c. Mean absolute percentage error

d. Forecast for week 7