Problem 6-01 (Algorithmic) Consider the following time series data. Week 1 2 3 4 5 6 Value 18 14 15 11 18 13 Using the naïve method (most recent value) as the forecast for the next week, compute the...

Problem 6-01 (Algorithmic)

Consider the following time series data.

Using the naïve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy.

1. Mean absolute error. If required, round your answer to one decimal place.
   
   
   fill in the blank 1
   
   
   
   


2. Mean squared error. If required, round your answer to one decimal place.
   
   
   fill in the blank 2
   
   
   
   


3. Mean absolute percentage error. If required, round your intermediate calculations and final answer to two decimal places.
   
   
   fill in the blank 3%
   
   
   
   


4. What is the forecast for week 7? If required, round your answer to two decimal place.
   
   
   fill in the blank 4