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Compute the given measures of forecast accuracy

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Reference no: EM131668469

Question: Consider the following time series data:

Week       1        2       3       4         5        6

Value      18      13      16      11       17       14

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

b. Mean squared error

c. Mean absolute percentage error

d. What is the forecast for week 7?

Reference no: EM131668469

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