Question

Consider the following time series data.

Month |
1 | 2 | 3 | 4 | 5 | 6 | 7 |

Value |
22 | 14 | 20 | 11 | 20 | 22 | 14 |

Round your answers to two decimal places.

**a.** Compute MSE using the most recent value as
the forecast for the next period.

Mean squared error is

What is the forecast for month 8?

**b.** Compute MSE using the average of all data
available as the forecast for the next period.

Mean squared error is

What is the forecast for month 8 ?

**c.** Which method appears to provide the better
forecast?

- Select your answer -The average of all data available The most recent value

Answer #1

a) recent value as forecast = naive forecast

Mean squared error = Mean (squared error) = 55

**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) =29.3102

Forecast for month 8 **= 17.57**

**Average of all data available is best method for
forecast because it has less MSE**

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1
2
3
4
5
6
7
Value
21
10
20
11
20
23
16
Round your answers to two decimal places.
a. Compute MSE using the most recent value as
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Mean squared error is ________
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Month
1
2
3
4
5
6
7
Value
20
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24
29
25
24
29
(a)
Compute MSE using the most recent value as the forecast for the
next period. What is the forecast for month 8?
(b)
Compute MSE using the average of all the data available as the
forecast for the next period. What is the forecast for month 8?
(c)
Which method appears to provide the better forecast?

Consider the following time series data:
Month
1
2
3
4
5
6
7
Value
25
14
20
12
20
22
16
(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...

Consider the following time series data:
Month
1
2
3
4
5
6
7
Value
25
14
19
11
20
22
16
(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...

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Month 1 2 3 4 5 6 7
Value 25 14 21 13 20 23 14
(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...

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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=____________
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Month
1
2
3
4
5
6
7
Value
25
14
19
12
19
23
14
(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...

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Month
1
2
3
4
5
6
7
Value
23
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12
18
23
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(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.
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