Question

Consider the following time series data:

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 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) |
Which method appears to provide the better forecast? |

- Select your answer -Naïve, All data average |

Answer #1

Consider the following time series data:
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...

Consider the following time series data: Month 1 2 3 4 5 6 7
Value 23 13 21 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...

Consider the following time series data:
Month
1
2
3
4
5
6
7
Value
23
14
21
12
18
23
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
24
13
20
12
18
23
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
24
13
20
12
19
23
15
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 places. Do not
round intermediate calculation.
MSE:
The forecast for month 8:
(c)
Use α = 0.2 to compute the exponential smoothing values
for the time series. Compute MSE and a forecast for...

Consider the following time series data:
Month 1 2 3 4 5 6 7
Value 25 14 19 12 18 22 16
A. Compute MSE using the most recent value as the forecast for
the next period.
B. Compute MSE using the average of all the data available as
the forecast for the next period.
C. Computer what is the forecast for month 8
D. Which method appears to provide the better forecast?
- Naive or all data average

Consider the following time series data:
Month
1
2
3
4
5
6
7
Value
23
13
21
13
19
21
17
(a)
Create a time series plot.
What type of pattern exists in the data?
- Select your answer -Positive trend patternHorizontal
patternVertical patternNegative trend patternItem 2
(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 places. Do not
round intermediate calculation....

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...

Consider the following time series data:
Month 1 2 3 4 5 6 7
Value 23 13 21 13 19 21 17
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 places. Do not
round intermediate calculation.
MSE:
The forecast for month 8:
(c)
Use α = 0.2 to compute the exponential smoothing
values for the time series. Compute MSE and a forecast...

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?
________________

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