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ID: 3370504 • Letter: #
Question
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Consider the following time series data Week 1 23 456 Value 20 13 16 11 17 14 using the naive method (most recent value) ás the forecast for the next week, compute the following measures of forecast accuracy a. Mean absolute error (MAE) b. Mean squared error (MSE) c. Mean absolute percentage error (MAPE) Round your answers to two decimal places MAE- MSE MAPE Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places MAE MAPE- Which method appears to provide the more accurate forecasts for the historical data?
Explanation / Answer
1) with Naive method:
MAE =4.8
MSE =25.6
MAPE =34.95 %
2)
MAE =3.25
MSE =16.73
MAPE =25.44%
( please revert fir any clarification required)
week value(A) forecast(F) |A-F| (A-F)^2 |A-F|/A 1 20 2 13 20 7 49 0.5385 3 16 13 3 9 0.1875 4 11 16 5 25 0.4545 5 17 11 6 36 0.3529 6 14 17 3 9 0.2143 total 24 128 1.7477 average 4.8 25.6 34.95%Related Questions
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