Problem 15-03 (Algorithmic)

Consider the following time series data.

Week	1	2	3	4	5	6
Value	19	13	16	10	19	13

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 (MAE)
2. Mean squared error (MSE)
3. Mean absolute percentage error (MAPE)

Round your answers to two decimal places.

MAE = fill in the blank 1

MSE = fill in the blank 2

MAPE = fill in the blank 3

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 = fill in the blank 4

MSE = fill in the blank 5

MAPE = fill in the blank 6

Which method appears to provide the more accurate forecasts for the historical data?

Nave method (most recent value)Average of all the historical data?

Problem 15-03 (Algorithmic) Consider the following time series data. Week 1 2 3 4 5 6 Value 19 13 16 10 19 13 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 = MSE = MAPE = 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 = MSE = MAPE = Which method appears to provide the more accurate forecasts for the historical data? Nave method (most recent value) Nave method (most recent value) Average of all the historical data