# the answer is not 41.1 OR -13.42 Consider the following time series data. Week12 345 6... the answer is not 41.1 OR -13.42

Consider the following time series data. Week12 345 6 Value 20 12 15 11 18 13 Using the naive 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 5.4 (b) Mean squared error If required, round your answer to one decimal place. 32.6 (c) Mean absolute percentage error If required, round your intermediate calculations and final answer to two decimal places. 41.1 (d) What is the forecast for week 7? 13

Since the rest of the values are already correct and calculated hence am calculating only part C, MAPE

c) The exercise is done in excel as

 Week Value Naïve Forecasting Error Abs Error MAPE 1 20 2 12 20 -8 8 66.67 3 15 12 3 3 20.00 4 11 15 -4 4 36.36 5 18 11 7 7 38.89 6 13 18 -5 5 38.46 MAPE= 40.08

MAPE= Mean Absolute percentage error, which is calculated as

Absolute percentage error for each week

Therefore MAPE= Average value of the Absolute percentage error which is calculated here as 40.08

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