Question: Consider the following time series data: Month 1 2 3 4 5 6 7 Value 24 14 21 12 20 22 15 (a) Compute MSE

Consider the following time series data:

Month 1 2 3 4 5 6 7
Value 24 14 21 12 20 22 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.
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?
- Select your answer -NaveAll data average

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