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Consider the following time series data: Month 1 2 3 4 5 6 7 Value 24 13 20 12 19 23 15 Compute MSE using

Consider the following time series data:

Month

1

2

3

4

5

6

7

Value

24

13

20

12

19

23

15

  • Compute MSE using the most recent value as the forecast for the next period. What is the forecast for month 8?
  • Compute MSE using the average of all the data available as the forecast for the next period. What is the forecast for month 8?
  • Which method appears to provide the better forecast?

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