Question: Consider the following time series data Week Value 1 32 2 15 3 24 4 10 5 28 6 34 What is the forecast for

Consider the following time series data

Week Value
1 32
2 15
3 24
4 10
5 28
6 34

What is the forecast for week 7 using the naive method?

What is the MAE using the naive method? Round to the nearest hundredth?

What is the MAE using an average of all of the historical information? Round to the nearest hundredth?

What is the MSE using the naive method? Round to the nearest hundredth?

What is the MSE using an average of all of the historical information? Round to the nearest hundredth?



Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

First we use the Nave Method for forecasting the value of Week 7 which consists of simply copying th... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Consider the following time series data: a. Compute MSE using the most recent value as the forecast for the next period. What is the forecast for month 8? b. Compute MSE using the average of all the...

Q:

Consider the following time series data: a. Compute MSE using the most recent value as the forecast for the next period. What is the forecast for month 8? b. Compute MSE using the average of all the...

Q:

Consider the following time series data: a. Construct a time series plot. What type of pattern exists in the data? b. Develop a three-week moving average for this time series. Compute MSE and a...

Q:

Consider the following time series data: Week Value 1 18 2 13 3 16 4 11 5 17 6 14 Using the nave method (most recent value) as the forecast for the next week, compute the following measures of...

Q:

Consider the following time series data. Week Value 1 2 20 12 3 15 4 5 6 10 19 13 Using the naive method (most recent value) as the forecast for the next week, compute the following measures of...

Q:

please use excel 2) Consider the following time series data Month Value 1 24 2 23 3 19 4 25 5 20 6 23 7 25 NN a Using excel, construct a time series plot. What type of pattem exists in the data? b....

Q:

5) Consider the following time series data. Month Value 1 24 2 18 3 27 4 17 5 33 6 20 7 14 a. Plot data and comment on the pattern. (2 marks) b. Compute MAE using the average of last two values as...

Q:

please use excel for this 1) Consider the following time series data Month Value 1 20 2 14 3 25 4 16 5 30 6 24 7 16 a Compute MSE using the average of last two values as the forecast for the next...

Q:

Consider the following time series data. Year Value 1 234 2 287 3 255 4 310 5 298 6 250 7 302 8 267 9 225 10 336 a. Use= 0.2 to compute the exponential smoothing values for the time series. Compute...

Q:

1) Ponsider the following time series data Month Value 1 24 2 13 3 20 4 12 19 6 23 15 Compute MSE using the average of last two values as the forecast for the next period. What is the forecast for...

Q:

The twin paradox revisited. On their 21st birthday, one twin gets on a moving sidewalk, which carries her out to star X at speed 4/5c; her twin brother stays home. When the traveling twin gets to...

Q:

Webster University would like to automate some of their paper forms/processes. The manual Program Planning Worksheet currently used by Webster advisors and students to identify the courses required...

Q:

\ table [ [ cred the,radple uche ( c ) , mana pression ] , [ , , ] , [ , , ] , [ , , ] , [ a Comersesitionsise,, ] , [ , , ] , [ , , ] , [ p Owtime to werem eshes,, ] , [ , , ] , [ 1 , tree measet to...

Q:

On January 1, 2018, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $260,000. An internally generated cost index is...

Q:

According to GMI Ratings 2013 Women on Boards Report, the percentage of women on U. S. boards has increased marginally in 2009 2012 and now stands at 14%, well below the values for Nordic countries...

Q:

Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with inventory of 4,500 units of its only product. The beginning inventory...

Q:

Gravel is being dumped from a conveyor belt at a rate of 30 ft3/min and its coarseness is such that it forms a pile in the shape of a cone whose base diameter and height are always equal. How fast is...

Q:

Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in...

Q:

6 Theory of Machines 5. A shaft carries five masses A, B, C, D and E which revolve at the same radius in planes which are equidistant from one another. The magnitude of the masses in planes A, C and...

Q:

Professor Rao would like to accurately calculate the grades for the 58 students in his Operations Planning and Scheduling class (OM 455). He has thus far constructed a spreadsheet, part of which...

Q:

A Wall Street Journal subscriber survey asked 46 questions about subscriber characteristics and interests. State whether each of the following questions provides categorical or quantitative data. a....

Q:

Orange Tech (OT) is a software company providing a suite of programs that are essential to everyday business computing. OT has just enhanced its software and released a new version of its programs....

Q:

Anthropometric data are taken into considerations while designing work place using_____________ (a) Layout (b) Ergonomic (c) String diagram (d) None of the above AppendixLO1

Q:

_____________is an in-depth study of the estimated economic feasibility of new product ideas. (a) Idea generation (b) Business analysis (c) Testing (d) None of the above AppendixLO1

Q:

Value is given by the formula_____________. (a) Performance/Cost (b) Cost/Performance (c) Both (a) and (b) (d) None of the above AppendixLO1