Question: Consider the following time series data. Week 1 2 3 4 5 6 Value 20 12 16 11 18 15 Using the nave method

Consider the following time series data. Week 1 2 3 4 5

Consider the following time series data. Week 1 2 3 4 5 6 Value 20 12 16 11 18 15 Using the nave 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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