Consider the following time series data: Month Value 1 2 24 3 4 5 13 18 13 21 6 7 24 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. Ⓡ 18 73 What is the forecast for month 8? If required, round your answer to one decimal place. Do not round intermediate calculation. 14 A (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. * 40.7 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? All data average
Consider the following time series data: Month Value 1 2 24 3 4 5 13 18 13 21 6 7 24 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. Ⓡ 18 73 What is the forecast for month 8? If required, round your answer to one decimal place. Do not round intermediate calculation. 14 A (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. * 40.7 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? All data average
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Consider the following time series data:
Month
Value
1 2 3
24 13
4
5
21 13 18
6
7
24 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.
18
73
What is the forecast for month 8?
If required, round your answer to one decimal place. Do not round intermediate calculation.
14
(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.
Ⓡ
40.7
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?
All data average
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