Practical Management Science
Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Dic 2 - Time Series Analysis and F
eBook
Problem 6-01 (Algorithmic)
Consider the following time series data.
Thm
Week
1 2 3 4 5 6
Value 20 13 15 11 19 13
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? If required, round your answer to two decimal place.
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Transcribed Image Text:Dic 2 - Time Series Analysis and F eBook Problem 6-01 (Algorithmic) Consider the following time series data. Thm Week 1 2 3 4 5 6 Value 20 13 15 11 19 13 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? If required, round your answer to two decimal place.
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