Question: 1) Consider the following time series data. Month 1 2 3 4 5 6 7 Value 24 13 20 12 1923 15 a. Compute MSE

1) Consider the following time series data. Month 1 2 3 4 5 6 7 Value 24 13 20 12 1923 15 a. Compute MSE using the last value as the forecast for the next period. What is the forecast for month 8? b. Compute MSE using the average of last two values as the forecast for the next period. What is the forecast for month 8? c. Compute MSE using the average of all the data available as the forecast for the next period. What is the forecast for month 8? d. Compare the three methods and find the best forecast for month 8. 2) Consider the following time series data. (1 marks) Month 1 2 3 4 5 6 7 Value 24 13 20 12 1923 15 a. Using excel, construct a time series plot. What type of pattern exists in the data

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