# 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

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 ?  ##### Add Answer of: Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13...
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