Consider the following time series data. Month 1 2 3 4 7 Value 21 12 22 14 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. 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?

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