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A restaurant wants to forecast its weekly sales. Historical data (in dollars) for 15 weeks are shown below. Time Observation Period 1 1,549 2
A restaurant wants to forecast its weekly sales. Historical data (in dollars) for 15 weeks are shown below. Time Observation Period 1 1,549 2 1,643 3 1,494 4 1,355 5 1,123 6 1,332 7 1,511 8 1,368 9 1,323 10 1,583 11 1,330 12 1,540 13 1,620 14 1,651 15 1,334 MSE values based on the two- and three-period moving average are 35,463.08 and 35,273.18, respectively. Find the best single exponential smoothing model by evaluating the MSE from 0.1 to 0.9, in increments of 0.1. Do not round intermediate calculations. Round your answers to two decimal places. The model based on a smoothing constant of -Select- is the best. How does this model compare with the moving average models? The -Select- model has the lowest MSE value. Alpha MSE 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 Check My Work (1 remaining)
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