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(Solved): Consider the following time series data.   Week 1 ...



Consider the following time series data.

 

Week 1 2 3 4 5 6
Value 20 12 15 11 18 14

 

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
  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 final answer to two decimal places.
   
   
(d) What is the forecast for week 7?
   

 



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The StatCrunch path for performing time series analysis is: Stat --> Time Series --> Smoothing --> Moving Average We need to set the moving average le
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