It is difficult to predict gas prices given a multitude of factors affecting them. Consider 22 weeks

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It is difficult to predict gas prices given a multitude of factors affecting them. Consider 22 weeks of the average weekly regular gasoline price ($ per gallon) in New England and the West Coast. 


a. Find the 3-period and the 5-period moving averages for gas prices in New England. Based on MSE, MAD, and MAPE, use the preferred model to forecast gas prices for the first week of February 2019. 

b. Find the simple exponential smoothing series with possible α values of 0.2, 0.4, 0.6 for gas prices on the West Coast. Based on MSE, MAD, and MAPE, use the preferred model to forecast gas prices for the first week of February 2019.

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Business Analytics Communicating With Numbers

ISBN: 9781260785005

1st Edition

Authors: Sanjiv Jaggia, Alison Kelly, Kevin Lertwachara, Leida Chen

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