1) Ponsider the following time series data Month Value 1 24 2 13 3 20 4 12 19 6 23 15 Compute MSE using the average of last two values 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 Do you have any explanations for it? 2) Consider the following time series data Month 1 3 Value 24 113 20 4 6 19 15 a Using excel, construct a time series plot. What type of pattern exists in the data? b. Develop a three-week moving average for this time series. Compute MSE and a forecast for week 8. c. Use a =0.2 to compute the exponentialsmoothing values forthe time series. Compute MSE and a forecast for week 8. d. Compare the three-week moving average forecast with the exponential smoothing forecast using a =0.2 Which appears to provide the better forecast based on MSE? 3) For the Hawkins Company, the monthly percentages of all shipments received on time overthe past 12 months are 80, 82, 84, 83, 83, 84, 85, 84, 82, 83, 84, and 83. a Construct a time series plot. What type of pattern exists in the data? b. Compare a three-month moving average forecast with an exponential smoothing forecast for a =0.1. c. Which provides the better forecasts using MSE as the measure of model accuracy? d. Whatis the forecast for next month? 4) Consider the following time series Month Value 1 120 fi TOO 4 96 5 94 6 92 86 b Construct a time series plot. What type of pattern exists in the data? Use simple linear regression analysis to find the parameters for the line that minimes MSE for this time series Whatis the forecast forte