Problem 8 1 Consider Following Time Series Data Week 1 2 3 4 5 6 Value 18 13 16 10 17 13 U Q35108795

Problem 8-1

Consider the following time series data.

Week123456Value181316101713

Using the naïve method (most recent value) as the forecast forthe next week, compute the following measures of forecastaccuracy.

(a)Mean absolute errorIf required, round your answer to one decimal place.(b)Mean squared errorIf required, round your answer to one decimal place.(c)Mean absolute percentage errorIf required, round your intermediate calculations and finalanswer to two decimal places.(d)What is the forecast for week 7?