Answered: Consider the following time series…

Consider the following time series data. Use trial and error to find a value of the exponential smoothing coefficient α that results in a smaller MSE than what you calculated for α=0.2.

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter9: Attracting And Retaining The Best Employees

Section: Chapter Questions

Problem 13DQ

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

Consider the following time series data.

Use trial and error to find a value of the exponential smoothing coefficient α that results in a smaller MSE than what you calculated for α=0.2.

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

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