01234567MonthGraph (i)What type of pattern exists in the data?Horizontal pattern(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 8:19.00(c) Use a = 0.2 to compute the exponential smoothing values for the 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:(d) Compare the three-month moving average forecast with the exponential smoothing forecast using a = 0.2. Which appears to provide the better forecast based on MSE?3-month moving average +(e) Use trial and error to find a value of the exponential smoothing coefficient a that results in the smallest MSE.If required, round your answer to two decimal places.αHide FeedbackPartially CorrectIcon KeyCheck My Work Consider the following time series data:Month1234567Value23132113192117

Here are the results for the three-month moving average:Three-month moving averages:Month 4:…

Answered: 0 1 2 3 4 5 6 7 Month Graph (i) What…

Operations Research : Applications and Algorithms

4th Edition

ISBN:9780534380588

Author:Wayne L. Winston

Publisher:Wayne L. Winston

Chapter24: Forecasting Models

Section24.5: Ad Hoc Forecasting

Problem 1P

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