Question
Consider the following time series data: Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 Construct a time series plot.
Consider the following time series data:
Week | 1 | 2 | 3 | 4 | 5 | 6 |
---|---|---|---|---|---|---|
Value | 18 | 13 | 16 | 11 | 17 | 14 |
Construct a time series plot. What type of pattern exists in the data? You can use JMP to obtain the plot or Excel
Develop a three-week moving average for this time series. Compute MSE and a forecast for week 7. Example in tutorial video
Use alpha=.2to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 7.Example in tutorial video
Compare the three-week moving average forecast with the exponential smoothing forecast. Which appears to provide the better forecast based on MSE? Explain.
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