) Consider the following time series data:Week 1 2 3 4 5 6Value 18 13 16 11 17 14i)Construct a time series plot. What type of pattern exist in the data?ii)Develop a three – week moving average for the time series. Compute MSE and a forecast cast for week 7.Use alpha = 0.2 to compute the exponential smoothing value for the time series. Compute MSE and a forecast for week 7.IV)Compare the three -week moving average forecast with exponential smoothing forecast using alpha = 0.2. Which appears to provide the better forecast based on MSE? ExplainV)Use trial and error to find a value of the exponential smoothing. Coefficient Alpha that result in a smaller MSE than what you calculated for alpha = 0.2.

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Answered: Consider the following time series…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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) Consider the following time series data:

Week 1 2 3 4 5 6

Value 18 13 16 11 17 14

i)Construct a time series plot. What type of pattern exist in the data?

ii)Develop a three – week moving average for the time series. Compute MSE and a forecast cast for week 7.

Use alpha = 0.2 to compute the exponential smoothing value for the time series. Compute MSE and a forecast for week 7.

IV)Compare the three -week moving average forecast with exponential smoothing forecast using alpha = 0.2. Which appears to provide the better forecast based on MSE? Explain

V)Use trial and error to find a value of the exponential smoothing. Coefficient Alpha that result in a smaller MSE than what you calculated for alpha = 0.2.

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