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Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13...

Consider the following time series data.

Week

1

2

3

4

5

6

Value

18

13

17

11

17

15

Calculate the measures of forecast error using the naive (most recent value) method and the average of historical data (to 2 decimals).

Naive method

Historical data

Mean absolute error

Mean squared error

Mean absolute percentage error


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Consider the following time series data.

Month

1    

2

3

4

5

6

7

Value

23

14

19

10

18

23

26

Round your answers to two decimal places.

a. Compute MSE using the most recent value as the forecast for the next period.

Mean squared error is ?

What is the forecast for month 8 ?

b. Compute MSE using the average of all data available as the forecast for the next period.

Mean squared error is ?

What is the forecast for month 8 ?

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