Question: Consider the following time series data. Week 1 2 3 4 5 6 Value 19 13 16 11 17 15 respectively. Using the nave method

Consider the following time series data. Week 1 2 3 4 5 6 Value 19 13 16 11 17 15 respectively.

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? If required, round your answer to two decimal place.

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