Question: Consider the following time series data: Month 1 2 3 4 5 6 7 Value 25 14 19 12 19 23 16 a) Compute MSE

Consider the following time series data:

Month1 2 3 4 5 6 7

Value25 14 19 12 19 23 16

a)Compute MSE using the most recent value as the forecast for the next period.If required, round your answer to one decimal place.What is the forecast for month 8?If required, round your answer to one decimal place. Do not round intermediate calculation.

(b)Compute MSE using the average of all the data available as the forecast for the next period.If required, round your answer to one decimal place. Do not round intermediate calculation.What is the forecast for month 8?If required, round your answer to one decimal place

.(c)Which method appears to provide the better forecast?

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