Consider the following time series data Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 a. Construct a time series plot. What type of pattern exists in the data?b. Develop the three-week moving average forecasts for this time series. compute MSE and a forecast for week 7.c. Use α = .2 to compute the exponential smoothing forecasts for the time series.Compute MSE and a forecast for week 7.d. Compare the three-week moving average approach with the exponentialsmoothing approach using α = .2. Which appears to provide more accurate forecasts based on MSE? explain.e. Use a smoothing constant of α = .4 to compute the exponential smoothing forecasts. does a smoothing constant of .2 or .4 appear to provide more accurate forecasts based on MSE? explain.
Consider the following time series data
| Week | 1 | 2 | 3 | 4 | 5 | 6 |
| Value | 18 | 13 | 16 | 11 | 17 | 14 |
a. Construct a time series plot. What type of pattern exists in the data?
b. Develop the three-week moving average forecasts for this time series.
compute MSE and a forecast for week 7.
c. Use α = .2 to compute the exponential smoothing forecasts for the time
series.Compute MSE and a forecast for week 7.
d. Compare the three-week moving average approach with the exponential
smoothing approach using α = .2. Which appears to provide more
accurate forecasts based on MSE? explain.
e. Use a smoothing constant of α = .4 to compute the exponential
smoothing forecasts. does a smoothing constant of .2 or .4 appear to provide more accurate forecasts based on MSE? explain.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 7 images
