Question: Consider the following time series data. Week 1 2 3 4 5 6 Value 19 12 16 10 17 15 Using the nave method (most

Consider the following time series data. Week 1 2

Consider the following time series data. Week 1 2 3 4 5 6 Value 19 12 16 10 17 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 (MAE) b. Mean squared error (MSE) c. Mean absolute percentage error (MAPE) Round your answers to two decimal places. MAE = 4.4 x MSE = 2.733 X MAPE = 31.88 x Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places. MAE = 20.8 x MSE = 10.85 X MAPE = 21.17 x Which method appears to provide the more accurate forecasts for the historical data? Average of all the historical data

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