Question: Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 Using nave method (most recent

  1. Consider the following time series data.

Week

1

2

3

4

5

6

Value

18

13

16

11

17

14

Using nave method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy.

  1. Mean absolute error
  2. Mean squared error
  3. Mean absolute percentage error
  4. What is the forecast for week 7?

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