Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows. Week 1 2 3 4 5 6 Value 19 12 17 10 18 15 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 MAE = (b) mean squared error MSE = (c) mean absolute percentage error (Round your answer to two decimal places.) MAPE = % (d) What is the forecast for week 7?
Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows. Week 1 2 3 4 5 6 Value 19 12 17 10 18 15 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 MAE = (b) mean squared error MSE = (c) mean absolute percentage error (Round your answer to two decimal places.) MAPE = % (d) What is the forecast for week 7?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter13: Regression And Forecasting Models
Section13.6: Moving Averages Models
Problem 22P: The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six...
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Centerville Bikes and Stuff (CBS) sells motorcycles and accessories. The number of helmets sold by CBS per week for the past six weeks follows.
Week | 1 | 2 | 3 | 4 | 5 | 6 |
---|---|---|---|---|---|---|
Value | 19 | 12 | 17 | 10 | 18 | 15 |
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
MAE =
(b) mean squared error
MSE =
(c) mean absolute percentage error (Round your answer to two decimal places.)
MAPE = %
(d) What is the forecast for week 7?
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