Week 1 2 3 4 5 6 Value 19 14 16 11 18 14 . Construct a time series plot. Time Series Value 20 F10 4 5 Week Time Series Value 20 F10 4 Week
Week 1 2 3 4 5 6 Value 19 14 16 11 18 14 . Construct a time series plot. Time Series Value 20 F10 4 5 Week Time Series Value 20 F10 4 Week
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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
Transcribed Image Text:Consider the following time series data.
Week
1
2
3
4
6
Value
19
14
16
11
18
14
a. Construct a time series plot.
1
Time Series Value
20
10
4
Week
2
Time Series
Value
20
-10
4
Week
Time Series
Value

Transcribed Image Text:Time
Series
Value
-20
F10
2
4
5
Week
- Select your answer - v
What type of pattern exists in the data?
- Select your answer - v
b. Develop the three-week moving average forecasts for this time series. Compute MSE and a forecast for week 7 (to 2 decimals if necessary).
MSE
The forecast for week 7
c. Use a = 0.2 to compute the exponential smoothing forecasts for the time series. Compute MSE and a forecast for week 7 (to 2 decimals).
MSE
The forecast for week 7
d. Compare the three-week moving average approach with the exponential smoothing approach using a = 0.2 Which appears to provide more accurate forecasts based on
MSE? Explain.
The three-week moving average provides a
Select your answer - v forecast than the exponential smoothing approach since it has a
Select your answer - v MSE.
e. Use a smoothing constant of a = 0.4 to compute the exponential smoothing forecasts. Compute MSE (to 2 decimals).
Does a smoothing constant of 0.2 or 0.4 appear to provide more accurate forecasts based on MSE? Explain.
The exponential smoothing forecast using a = 0.4 provides a
Select your answer - v forecast than the exponential smoothing forecast using a = 0.2 since it has a
- Select your answer - v MSE.
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