Question: Reconsider the chemical process data shown in Table B.3. a. Use simple exponential smoothing with the optimum value of)~ to smooth the data (you can

Reconsider the chemical process data shown in Table B.3.

a. Use simple exponential smoothing with the optimum value of)~ to smooth the data (you can find the optimum value from Minitab). How well does this smoothing procedure work? Compare the results with those obtained in Exercise 4.14.

b. Make one-step-ahead forecasts of the last I 0 observations. Determine the forecast errors. Compare these forecast errors with those from Exercise 4.14.

How much has using the optimum value of the smoothing constant improved the forecasts?

c. Construct the sample autocorrelation function for these data. Does this give you any insight regarding the optimum value of the smoothing constant?

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