A restaurant wants to forecast its weekly sales. Historical data (in dollars) for 15 weeks are...

  

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A restaurant wants to forecast its weekly sales. Historical data (in dollars) for 15 weeks are shown below. Time Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Observation 1,504 1,695 1,323 1,321 1,130 1,374 1,692 1,320 1,271 1,537 1,407 1,565 1,645 1,535 1,321 MSE values based on the two- and three-period moving average are 48,802.21 and 40,953.60, respectively. Find the best single exponential smoothing model by evaluating the MSE from 0.1 to 0.9, in increments of 0.1. Do not round intermediate calculations. Round your answers to two decimal places. The model based on a smoothing constant of -Select- is the best. How does this model compare with the moving average models? The -Select- ✓ model has the lowest MSE value. Alpha 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 MSE A restaurant wants to forecast its weekly sales. Historical data (in dollars) for 15 weeks are shown below. Time Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Observation 1,504 1,695 1,323 1,321 1,130 1,374 1,692 1,320 1,271 1,537 1,407 1,565 1,645 1,535 1,321 MSE values based on the two- and three-period moving average are 48,802.21 and 40,953.60, respectively. Find the best single exponential smoothing model by evaluating the MSE from 0.1 to 0.9, in increments of 0.1. Do not round intermediate calculations. Round your answers to two decimal places. The model based on a smoothing constant of -Select- is the best. How does this model compare with the moving average models? The -Select- ✓ model has the lowest MSE value. Alpha 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 MSE

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To complete this exercise youll need to calculate the Mean Squared Error MSE for each value of the smoothing constant alpha for the single exponential ... View the full answer