Consider the following time series data: a. Construct a time series plot. What type of pattern exists
Question:
a. Construct a time series plot. What type of pattern exists in the data?
b. Develop a three-week moving average for this time series. Compute MSE and a forecast for week 8.
c. Use α = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 8.
d. Compare the three-week moving average forecast with the exponential smoothing forecast using α = 0.2. Which appears to provide the better forecast based on MSE?
e. Use Excel Solver or LINGO to find the value of a that minimizes MSE.
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Related Book For
Modern Business Statistics With Microsoft Excel
ISBN: 9781337115186
6th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
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