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
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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