Consider the following time series data. Week 1 2 3 4 5 6 Value 17 12 15 12 18 14

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 13PPS
icon
Related questions
Topic Video
Question

q1 hw

Consider the following time series data.
Week
1 2
3
4
5
Value 17 12
15
12
18
14
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 =
(b) mean squared error
MSE =
(c) mean absolute percentage error (Round your answer to two decimal places.)
MAPE =
%
(d) What is the forecast for week 7?
Transcribed Image Text:Consider the following time series data. Week 1 2 3 4 5 Value 17 12 15 12 18 14 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 = (b) mean squared error MSE = (c) mean absolute percentage error (Round your answer to two decimal places.) MAPE = % (d) What is the forecast for week 7?
Expert Solution
steps

Step by step

Solved in 2 steps with 11 images

Blurred answer
Knowledge Booster
Quadrilaterals
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt