Problem 15-03 (Algorithmic) Consider the following time series data. Using the naïve method (most recent value) as the f

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Problem 15-03 (Algorithmic)
Consider the following time series data.
Using the naïve method (most recent value) as the forecast forthe next week, compute the following measures of forecastaccuracy:
Round your answers to two decimal places.
MAE = _____________
MSE = _____________
MAPE = _____________
Using the average of all the historical data as a forecast forthe next period, compute the same three values. Round your answersto two decimal places.
MAE = _____________
MSE = _____________
MAPE = _____________
Which method appears to provide the more accurate forecasts forthe historical data?
CHOOSE ONE: Naïve method (most recent value)/ Average of all thehistorical data
Explain.
The input in the box below will not be graded, but may bereviewed and considered by your instructor.
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