Question 3 (Forecasting)Consider the following time series data.Week12346.Value181316111714a. 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 aforecast for week 7c. Use a = .2 to compute the exponential smoothing forecasts for the time series. Compute MSE and aforecast for week 7d. Compare the three-week moving average approach with the exponential smoothing approach usinga = .2. Which appears to provide more accurate forecasts based on MSE? Explain.e. Use a smoothing constant of a = .4 to compute the exponential smoothing forecasts. Does asmoothing constant of .2 or .4 appear to provide more accurate forecasts based on MSE? Explain.

Given data: *As per guideline first 3 parts are answerable, repost the remaining part.

Answered: Question 3 (Forecasting) - Consider the…

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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