Question: Month 1 2 3 4 5 6 7 Value 24 15 21 12 19 21 16 b) Develop a three-month moving average for this time
| Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Value | 24 | 15 | 21 | 12 | 19 | 21 | 16 |
| b) | Develop a three-month moving average for this time series. Compute MSE and a forecast for month 8. |
| If required, round your answers to two decimal places. Do not round intermediate calculation. | |
| MSE: | |
| The forecast for month 8: |
| c) | Use = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for month 8. |
| If required, round your answers to two decimal places. Do not round intermediate calculation. | |
| MSE: | |
| The forecast for month 8: | |
|
| |
| e) | Use trial and error to find a value of the exponential smoothing coefficient that results in the smallest MSE. |
| Do not round intermediate calculations. Use a two-decimal digit precision for the exponential smoothing coefficient. | |
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
