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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. Use α = 0.2 to compute the exponential smoothing forecasts for this time series. Compute MSE. b. Use exponential smoothing with α = 0.2 to develop a forecast for week 7. c. Use a smoothing constant of α = 0.4 to compute the exponential smoothing forecasts. Compute MSE. d. Use exponential smoothing with α = 0.4 to develop a forecast for week 7

Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 a. Use α = 0.2 to compute the exponential smoothing forecasts for this time series. Compute MSE. b. Use exponential smoothing with α = 0.2 to develop a forecast for week 7. c. Use a smoothing constant of α = 0.4 to compute the exponential smoothing forecasts. Compute MSE. d. Use exponential smoothing with α = 0.4 to develop a forecast for week 7

Practical Management Science
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. Use α = 0.2 to compute the exponential smoothing forecasts for this time series. Compute MSE.

b. Use exponential smoothing with α = 0.2 to develop a forecast for week 7.

c. Use a smoothing constant of α = 0.4 to compute the exponential smoothing forecasts. Compute MSE.

d. Use exponential smoothing with α = 0.4 to develop a forecast for week 7.

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