Consider the following time series data. Week 12 3 56 Value 18 13 16 11 17 14 Th
ID: 3305324 • Letter: C
Question
Consider the following time series data. Week 12 3 56 Value 18 13 16 11 17 14 The following are the results using 2 different methods as the forecast for the next week: Naive method Average of all (most recent value) the historical data a. Mean absolute error b. Mean squared error c. Mean absolute percentage error Which method appears to provide the more accurate forecasts for the historical data? 4.40 20.80 31.88 2.73 10.86 21.17 Select your answer Explain The input in the box below will not be graded, but may be reviewed and considered by your instructor.Explanation / Answer
The Average of all historical data data method provides more accurate forecast of the historical data as the value of all the 3 errors associated with the erroe is lesser than the naive method.
i.e Mean absolute error , Mean square error and Mean absolute percentage error.