Consider the following time series data: a. Compute MSE using the most recent value as the forecast
Question:
a. Compute MSE using the most recent value as the forecast for the next period. What is the forecast for month 8?
b. Compute MSE using the average of all the data available as the forecast for the next period. What is the forecast for month 8?
c. Which method appears to provide the better forecast?
Transcribed Image Text:
Month 2 34 5 6 7 Value 24 13 20 12 9 23 15
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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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