Question: Problem 15-03 (Algorithmic) Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 10 18 14 Using the

Problem 15-03 (Algorithmic) Consider the

Problem 15-03 (Algorithmic) Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 10 18 14 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? explain. Nave method (most recent value) Average of all the historical data pt

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