Problem 5-3 Consider the following time series data. Following are the results using 2 different met

Problem 5-3

Consider the following time series data.

Following are the results using 2 different methods as the forecast for the next week:

Which method appears to provide the more accurate forecasts for the historical data?

– Select your answer -Naïve method (most recent value)Average of all the historical dataItem 1

Explain.

The input in the box below will not be graded, but may be reviewed and considered by your instructor.

Week

1

2

3

4

5

6

Value

18

13

16

11

17

14

 

 

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