Consider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 a. Construct a time series plot. What type of pattern exists in the data? b. Develop the three-week moving average forecasts for this time series. Compute MSE and a forecast for week 7. c. Use α = .2 to compute the exponential smoothing forecasts for the time series. Compute MSE and a forecast for week 7. d. Compare the three-week moving average approach with the exponential smoothing approach using α = .2. Which appears to provide more accurate forecasts based on MSE? Expla

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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.