Question: Problem 15-01 (Algorithmic) Consider the following time series data. Week 1 2 3 4 5 6 Value 20 13 16 11 19 15 Using the

Problem 15-01 (Algorithmic)

Consider the following time series data.

Week 1 2 3 4 5 6
Value 20 13 16 11 19 15

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

  1. Mean absolute error. Round your answer to one decimal place.
  2. Mean squared error. Round your answer to one decimal place.
  3. Mean absolute percentage error. Round your answer to two decimal places.
  4. What is the forecast for week 7? Round your answer to the nearest whole number.

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