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Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows. Week Value 1 2 3 17 14 15 (b) mean squared error MSE = 4 Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy. (a) mean absolute error MAE = % 5 6 (d) What is the forecast for week 7? 12 16 15 (c) mean absolute percentage error (Round your answer to two decimal places.) MAPE =

Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows. Week Value 1 2 3 17 14 15 (b) mean squared error MSE = 4 Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy. (a) mean absolute error MAE = % 5 6 (d) What is the forecast for week 7? 12 16 15 (c) mean absolute percentage error (Round your answer to two decimal places.) MAPE =

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows. Week 1 2 Value 17 14 15 3 (b) mean squared error MSE = % 4 Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy. (a) mean absolute error MAE = 5 6 (d) What is the forecast for week 7? 12 16 15 (c) mean absolute percentage error (Round your answer to two decimal places.) MAPE =
Transcribed Image Text:Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows. Week 1 2 Value 17 14 15 3 (b) mean squared error MSE = % 4 Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy. (a) mean absolute error MAE = 5 6 (d) What is the forecast for week 7? 12 16 15 (c) mean absolute percentage error (Round your answer to two decimal places.) MAPE =
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