USA Math Question

Description

Using the na¥ method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy:

Mean absolute error (MAE)

Mean squared error (MSE)

Mean absolute percentage error (MAPE)

Round your answers to two decimal places.

MAE = fill in the blank 1

MSE = fill in the blank 2

MAPE = fill in the blank 3

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 = fill in the blank 4

MSE = fill in the blank 5

MAPE = fill in the blank 6

Which method appears to provide the more accurate forecasts for the historical data?

Na¥ method (most recent value)Average of all the historical data

Explanation & Answer:

3 Questions

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