Consider the following time series data: a. Compute MSE using the most recent value as the forecast
Question:
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 the data available as the forecast for the next period. What is the forecast for month 8?
c. Which method appears to provide the betterforecast?
Transcribed Image Text:
Month 1 23 4 5 6 7 Value 24 13 20 12 19 23 15
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Related Book For
Modern Business Statistics With Microsoft Excel
ISBN: 9781337115186
6th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
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