Time Series Analysis and Forecasting (TSAF) Question 7. Consider the following time series data. Using the average of all the historical data as a forecast for the next period, compute the following measures of forecast accuracy. (5 points) Time Series Month Value 1 24 2 13 3 20 4 12 5 19 6 23 7 15 a. Mean absolute error (1 point) b. Mean squared error (1 point) c. Mean absolute percentage error (1 point) d. What is the forecast for week 8? (2 points) Average of All Forecast Forecast Error Here Absolute Error Squared Error Abs. Error WEEK SALES 24 1 2 13 20 12 4 5 19 23 6 15 Total 20 12 | 19 23 15 Total a. MAE = b. MSE c MAPE d. Forecast for week 8 is Page 10 of 16 Focus Time Series Analysis and Forecasting (TSAF) Question 7. Consider the following time series data. Using the average of all the historical data as a forecast for the next period, compute the following measures of forecast accuracy. (5 points) Time Series Month Value 1 24 2 13 3 20 4 12 5 19 6 23 7 15 a. Mean absolute error (1 point) b. Mean squared error (1 point) c. Mean absolute percentage error (1 point) d. What is the forecast for week 8? (2 points) Average of All Forecast Forecast Error Here Absolute Error Squared Error Abs. Error WEEK SALES 24 1 2 13 20 12 4 5 19 23 6 15 Total 20 12 | 19 23 15 Total a. MAE = b. MSE c MAPE d. Forecast for week 8 is Page 10 of 16 Focus