Chapter 5, Problem 2P

Refer to the time series data in Problem 1. Using the average of all the historical data as a forecast for the next period, compute the following measures of forecast accuracy:

1. a. Mean absolute error
2. b. Mean squared error
3. c. Mean absolute percentage error
4. d. What is the forecast for week 7?
5. 1. Consider the following time series data:

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

1. a. Mean absolute error
2. b. Mean squared error
3. c. Mean absolute percentage error
4. d. What is the forecast for week 7?