Problem 6-01 (Algorithmic)

Consider the following time series data.

Week	1	2	3	4	5	6
Value	20	14	15	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. If required, round your answer to one decimal place. fill in the blank 1
2. Mean squared error. If required, round your answer to one decimal place. fill in the blank 2
3. Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places. fill in the blank 3%
4. What is the forecast for week 7? If required, round your answer to two decimal place. fill in the blank 4