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Solved: Consider the following time series data. Using the naive method (most recent value) as

Problem 15-03 (Algorithmic) Consider the following time series data. Week 1 23 45 6 Value 20 14 16 10 19 15 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 (MAE) b. Mean squared error (MSE) C. Mean absolute percentage error (MAPE) Round your answers to two decimal places. MAE = MSE = MAPE = 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 MAE = MSE = MAPE = Which method appears to provide the more accurate forecasts for the historical data?
Consider the following time series data. Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy: Mean absolute error (MAE) Mean squared error (MSE) Mean absolute percentage error (MAPE) Round your answers to two decimal places. MAE = MSE = MAPE = 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. MAE = MSE = MAPE = Which method appears to provide the more accurate forecasts for the historical data?

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Solved: Consider the following time series data. Using the naive method (most recent value) as 1

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