Measures of forecast accuracy

Assignment Help Operation Management

Reference no: EM13810367

Consider the following time series data

Month 1 2 3 4 5 6

Value 18 13 16 11 17 14

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

b mean squarred error

c. mean absolute percentage error

d. What is the forcast for week 7?

Reference no: EM13810367

Questions Cloud

Outsource cost per frame and consumption : Currently steel cost $1.98 per pound. The following table describes the revenue per machine; outsource cost per frame and consumption for each frame if made internally.

What is current value of call on stock with exercise price : The risk-free rate is currently 2.8%. In one year the price of a given share of stock that currently trades at $40 per share is expected to either increase by 8% or decrease by 2%. What is the current value of a call on this stock with exercise price..

Major milestones of the telecommunications industry : Create a timeline illustrating the major milestones of the telecommunications industry, including networking and voice, using Microsoft® Word, PowerPoint, or Excel

Describe the protocols and functions of each layer in detail : ISO/OSI Network Reference Model- Define and explain the model including the seven layers for the ISO/OSI Network Reference Model. Describe the protocols and functions of each layer in detail

Measures of forecast accuracy : using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy.

Communication and crisis planning : Communication and Crisis Planning

Writing a program to calculate the terms : The third programming project involves writing a program to calculate the terms of the following sequence of numbers: 0 1 2 5 12 29 ... where each term of the sequence is twice the previous term plus the second previous term. The 0th term of the s..

Where in the process did the burger king fry flop : Go through the strategic process 5 steps for the Burger King fry. (Vision, Goals/Objectives, Crafting Strategy, Implementation Execution, Assess) Where in the process did the Burger King fry flop? How did MD’s combat the Burger King fry strategy?

Purchased the bond today and held it until maturity : Billy Bobs, Inc has a $1000 par value bond that is currently selling for $911.It has an annual coupon rate of 11.70%, paid semi-annually, and has 28-years remaining until maturity What would the annual yield to maturity be on the bond if you purchase..

User Account

All Pages