The values of Alabama building contracts (in millions of dollars) for a 12-month period follow: 240 350
Question:
240 350 230 260 280 320 220 310 240 310 240 230
a. Construct a time series plot. What type of pattern exists in the data?
b. Compare a three-month moving average forecast with an exponential smoothing forecast.
Use a = 0.2. Which provides the better forecasts based on MSE?
c. What is the forecast for the next month using exponential smoothing with a = 0.2?
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a The data appear to follow a horizontal pattern b Month TimeSeries Value 3Month Moving Average Fore...View the full answer
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Related Book For 
Essentials of Business Analytics
ISBN: 978-1285187273
1st edition
Authors: Jeffrey Camm, James Cochran, Michael Fry, Jeffrey Ohlmann, David Anderson, Dennis Sweeney, Thomas Williams
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