Question: Consider the following time series data: Month 1 2 3 4 5 6 7 Value 25 13 19 11 20 23 15 (a) Compute MSE

Consider the following time series data:

Month 1 2 3 4 5 6 7
Value 25 13 19 11 20 23 15

(a) Compute MSE using the most recent value as the forecast for the next period.
If required, round your answer to one decimal place.
Answer Here:
What is the forecast for month 8?
If required, round your answer to one decimal place. Do not round intermediate calculation.
Answer Here:
(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.
Answer Here:
What is the forecast for month 8?
If required, round your answer to one decimal place.
Answer Here:
(c) Which method appears to provide the better forecast?

- Select your answer -

A - Nave

B- All data average

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