With the gasoline time series data from Table 5.1, show the exponential smoothing forecasts using a =
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a. Applying the MSE measure of forecast accuracy, would you prefer a smoothing constant of a = 0.1 or a = 0.2 for the gasoline sales time series?
b. Are the results the same if you apply MAE as the measure of accuracy?
c. What are the results if MAPE is used?
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a Exponential smoothing forecasts using 01 Week Time Series Value Forecast Forecast Error Squared Forecast Error 1 17 1700 2 21 1700 400 1600 3 19 174...View the full answer
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Related Book For
Essentials of Business Analytics
ISBN: 978-1285187273
1st edition
Authors: Jeffrey Camm, James Cochran, Michael Fry, Jeffrey Ohlmann, David Anderson, Dennis Sweeney, Thomas Williams
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