Consider the following time series data.Week1346.Value191215101715Using the naïve 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 (MAPE)Round your answers to two decimal places.МАЕ 3MSE =МАРЕ -Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places.МАЕ 3MSE =МАРЕ 3Which method appears to provide the more accurate forecasts for the historical data?

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Answered: Consider the following time series…

Math

Statistics

Consider the following time series data. Week 1 2 3 4 5 6

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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