Question: 1. Using the nave forecasting method to forecast the value of the next week. Compute the mean absolute error(MAE), root mean square error (RMSE), and
2. Using the average forecasting method to forecast the value of the next week. Compute the mean absolute error(MAE), root mean square error (RMSE), and mean absolute percentage error(MAPE).
3. Using the moving average forecast of order 3 to forecast the value of the next week. Compute the mean absolute error(MAE), root mean square error (RMSE), and mean absolute percentage error(MAPE).
4. Using the weighted moving average forecast of order 3 to forecast the value of the next week. The weights are 1/6, 2/6, and 3/6, respectively.Compute the mean absolute error(MAE), root mean square error (RMSE), and mean absolute percentage error(MAPE).
5. Using the exponential smoothing forecasting method to forecast the value of the next week. Set alpha=0.7.Compute the mean absolute error(MAE), root mean square error (RMSE), and mean absolute percentage error(MAPE).
Data:
| week | value |
| 1 | 18 |
| 2 | 13 |
| 3 | 16 |
| 4 | 11 |
| 5 | 17 |
| 6 | 14 |
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The table below shows the calculations week Time Series Value Forecast Forecast Error Absolute Value ... View full answer
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