Measuring the Forecast Accuracy of the Naïve Method. Consider the following time series data:
Week | Value
1 18
2 13
3 16
4 11
5 17
6 14
7 16
8 15
9
Using the naïve method (most recent value) as the forecast for the next week, compute each of the following.
A. Mean absolute error
B. Mean squared error
C. Mean absolute percentage error
D. Forecast for week 7