Problem 8-1
Consider the following time series data.
| Week | 1 | 2 | 3 | 4 | 5 | 6 |
| Value | 18 | 13 | 16 | 10 | 17 | 13 |
Using the naïve method (most recent value) as the forecast forthe next week, compute the following measures of forecastaccuracy.
| (a) | Mean absolute error |
| If required, round your answer to one decimal place. | |
| (b) | Mean squared error |
| If required, round your answer to one decimal place. | |
| (c) | Mean absolute percentage error |
| If required, round your intermediate calculations and finalanswer to two decimal places. | |
| (d) | What is the forecast for week 7? |
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