Consider the following time series data. Month 2 3 4 5 6 7 Value 24 13 20 12 19 23 15 Construct a time series plot. What type of pattern exists in the data? Develop the three-week moving average forecasts for this time series. Compute MSE and a forecast for week 8. b. Use a = .2 to compute the exponential smoothing forecasts for the time series. Com- pute MSE and a forecast for week 8. Compare the three-week moving average approach with the exponential smoothing ap- proach using a = .2. Which appears to provide more accurate forecasts based on MSE? d. Use a smoothing constant of a = .4 to compute the exponential smoothing forecasts. Does a smoothing constant of .2 or .4 appear to provide more accurate forecasts based on MSE? Explain.
Consider the following time series data. Month 2 3 4 5 6 7 Value 24 13 20 12 19 23 15 Construct a time series plot. What type of pattern exists in the data? Develop the three-week moving average forecasts for this time series. Compute MSE and a forecast for week 8. b. Use a = .2 to compute the exponential smoothing forecasts for the time series. Com- pute MSE and a forecast for week 8. Compare the three-week moving average approach with the exponential smoothing ap- proach using a = .2. Which appears to provide more accurate forecasts based on MSE? d. Use a smoothing constant of a = .4 to compute the exponential smoothing forecasts. Does a smoothing constant of .2 or .4 appear to provide more accurate forecasts based on MSE? Explain.
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter7: Integration
Section7.CR: Chapter 7 Review
Problem 88CR
Related questions
Question
Transcribed Image Text:Consider the following time series data.
Month
2
3 4 5 6 7
Value
24 13 20 12 19 23 15
Construct a time series plot. What type of pattern exists in the data?
Develop the three-week moving average forecasts for this time series. Compute MSE
and a forecast for week 8.
b. Use a = .2 to compute the exponential smoothing forecasts for the time series. Com-
pute MSE and a forecast for week 8.
Compare the three-week moving average approach with the exponential smoothing ap-
proach using a = .2. Which appears to provide more accurate forecasts based on MSE?
d. Use a smoothing constant of a = .4 to compute the exponential smoothing forecasts.
Does a smoothing constant of .2 or .4 appear to provide more accurate forecasts based
on MSE? Explain.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 6 steps with 8 images
Recommended textbooks for you
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781305652224
Author:
Charles P. McKeague, Mark D. Turner
Publisher:
Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL