Consider the following time series data. Month 1 2 3 4 5 6 7 Value 22 12 18 12 20 22 16 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? c. Which method appears to provide the better forecast?
Consider the following time series data. Month 1 2 3 4 5 6 7 Value 22 12 18 12 20 22 16 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? c. Which method appears to provide the better forecast?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.6: Exponential And Logarithmic Equations
Problem 69E
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Consider the following time series data.
Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
Value | 22 | 12 | 18 | 12 | 20 | 22 | 16 |
Round your answers to two decimal places.
a. Compute MSE using the most recent value as the forecast for the next period.
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?
c. Which method appears to provide the better forecast?
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