Gravedigger5106 Gravedigger5106

22-04-2020
Mathematics

contestada

Consider the following time series data: Month 1 2 3 4 5 6 7 Value 23 14 20 11 19 24 15 (a) Compute MSE using the most recent value as the forecast for the next period. If required, round your answer to one decimal place. What is the forecast for month 8? If required, round your answer to one decimal place. Do not round intermediate calculation. (b) Compute MSE using the average of all the data available as the forecast for the next period. If required, round your answer to one decimal place. Do not round intermediate calculation. What is the forecast for month 8? If required, round your answer to one decimal place. (c) Which method appears to provide the better forecast?

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kollybaba55 kollybaba55

26-04-2020

Answer:

a) MSE = 61.33

Forecast for 8th month = 15

b) MSE = 34.51

Forecast for 8th month = 18

c) The average method provides a better forecast because of its low MSE

Explanation:

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