Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 a. Construct a time series plot. What type of pattern exists in the data? b. Develop the three-week moving average forecasts for this time series. Compute MSE and a forecast for week 7. c. Use α = .2 to compute the exponential smoothing forecasts for the time series. Compute MSE and a forecast for week 7. d. Compare the three-week moving average approach with the exponential smoothing approach using α = .2. Which appears to provide more accurate forecasts based on MSE? Expla
Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 a. Construct a time series plot. What type of pattern exists in the data? b. Develop the three-week moving average forecasts for this time series. Compute MSE and a forecast for week 7. c. Use α = .2 to compute the exponential smoothing forecasts for the time series. Compute MSE and a forecast for week 7. d. Compare the three-week moving average approach with the exponential smoothing approach using α = .2. Which appears to provide more accurate forecasts based on MSE? Expla
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
a. Construct a time series plot. What type of pattern exists in the data?
b. Develop the three-week moving average forecasts for this time series. Compute
MSE and a
c. Use α = .2 to compute the exponential smoothing forecasts for the time series.
Compute MSE and a forecast for week 7.
d. Compare the three-week moving average approach with the exponential
smoothing approach using α = .2. Which appears to provide more accurate
forecasts based on MSE? Expla
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