consider the following time series dala month 3 4 5 6 value 24 13 20 12 19 23 15 construct a tim

To generate a time series plot, first find the value for each month and plot it on the x-axis.

Question

Consider the following time series data. Month 1 2 3 4 5 6 7 Value 24 13 20 12 19 23 15 Construct a time series plot. What type of pattern exists in the data? Develop the three-week moving average forecasts for this time series. Compute MSE and forecast for week 8. Use α = 0.2 to compute the exponential smoothing forecasts for the time series. Compute MSE and a forecast for week 8. Compare the three-week moving average approach with the exponential smoothing approach using α = 0.2. Which appears to provide more accurate forecasts based on MSE? Use a smoothing constant of α = 0.4 to compute the exponential smoothing forecasts. Does a smoothing constant of α = 0.2 or α = 0.4 appear to provide more accurate forecasts based on MSE? Explain.

          Consider the following time series data. 

Month 1 2 3 4 5 6 7
Value 24 13 20 12 19 23 15 

Construct a time series plot. What type of pattern exists in the data? 

Develop the three-week moving average forecasts for this time series. 

Compute MSE and forecast for week 8. 

Use α = 0.2 to compute the exponential smoothing forecasts for the time series. 

Compute MSE and a forecast for week 8. 

Compare the three-week moving average approach with the exponential smoothing approach using α = 0.2. 

Which appears to provide more accurate forecasts based on MSE? 

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

Does a smoothing constant of α = 0.2 or α = 0.4 appear to provide more accurate forecasts based on MSE? 

Explain.

Added by Pamela L.

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