Consider the following time series data: Month 1 2 3 4 5 6 7 Value 23...
Consider the following time series data:
| Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Value | 23 | 13 | 19 | 13 | 19 | 24 | 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) | |
Homework Answers
Overall part (b) appears to provide a better forecast as the MSE is lower.
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Consider the following time series data:
Month
1
2
3
4
5
6
7
Value
23...
Consider the following time series data: Month 1 2 3 4 5 6 7 Value 24...
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Problem 08-06 Algo (Moving Averages and Exponential
Smoothing)
Consider the following time series data:
Month
1
2
3
4
5
6
7
Value
23
13
21
13
19
21
17
(a) Choose the correct time series plot Month (iv) Month Select your answer What type of pattern exists in the data? Select your answer- (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...
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Consider the following time series data. Week 1 2 3 45 6 Value 20 12 15 11 18 13 Using the naive method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy. (a) Mean absolute error If required, round your answer to one decimal place. (b) Mean squared error If required, round your answer to one decimal place. (c) Mean absolute percentage error If required, round your intermediate calculations and final answer...
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Problem 08-06 Algo (Moving Averages and Exponential
Smoothing)
Consider the following time series data:
Month
1
2
3
4
5
6
7
Value
23
13
21
13
19
21
17
(a) Choose the correct time series plot Month (iv) Month Select your answer What type of pattern exists in the data? Select your answer- (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...
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