Question
Consider the following time series data. Month 1 2 3 4 5 6 7 Value 21...
Consider the following time series data.
| Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Value | 21 | 12 | 21 | 13 | 18 | 21 | 14 |
Round your answers to two decimal places.
a. Compute MSE using the most recent value as
the forecast for the next period.
MSE=____________
What is the forecast for month 8?
_______________
b. Compute MSE using the average of all data
available as the forecast for the next period.
MSE=____________
What is the forecast for month 8?
________________
Homework Answers
Answer #1
a) recent value as forecast = naive forecast
Mean squared error = Mean (squared error) = 51.5
Forecast for month 8 = 14
b) Average of all data available as forecast = average of all values before that particular week
Mean squared error = Mean (squared error) = 26.2095
Forecast for month 8 = 17.14
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