Problem 8-1
Consider the following time series data.
Week 1 2 3 4 5 6
Value 20 12 15 10 19 13
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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