Consider the following time series data. Year Value 1 234 2 287 3 255 4 310 5
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Question:
Consider the following time series data.
Year | Value |
1 | 234 |
2 | 287 |
3 | 255 |
4 | 310 |
5 | 298 |
6 | 250 |
7 | 302 |
8 | 267 |
9 | 225 |
10 | 336 |
a. Use= 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for year 11. b. Use trial and error to find a value of the exponential smoothing coefficient (rounded to 2 decimal places)that results in a smaller MSE than what you calculated for= 0.2. c. Compute the forecast for year 11 using the smoothing coefficientselected using trial error.
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