Consider the following time series data. Week123456Value191316101915 Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy. (a)Mean absolute error If required, round your answer to one decimal place. (b)Mean squared error If required, round your answer to one decimal place. (c)Mean absolute percentage error If required, round your intermediate calculations and final answer to two decimal places. (d)What is the forecast for week 7?

Forecasting : Forecasting is a very important part of today's world. Economists forecast interest…

Answered: Consider the following time series…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

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ISBN:9780079039897

Author:Carter

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Chapter10: Statistics

Section10.5: Comparing Sets Of Data

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Consider the following time series data.

Week	1	2	3	4	5	6
Value	19	13	16	10	19	15

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

(a)	Mean absolute error
	If required, round your answer to one decimal place.


(b)	Mean squared error
	If required, round your answer to one decimal place.


(c)	Mean absolute percentage error
	If required, round your intermediate calculations and final answer to two decimal places.


(d)	What is the forecast for week 7?

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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