Indicate if the following statements are True or False.

AnswerTrueFalse Smoothing should only be used if the data does not trend up or down when graphed.

AnswerTrueFalse Moving average forecasts only use 3, 4, or 5 previous actual values.

AnswerTrueFalse Error should be calculated for all forecast values.

AnswerTrueFalse MSE stands for Mean Squared Error.

AnswerTrueFalse The weights used in a weighted average forecast can be expressed as a percentage.

AnswerTrueFalse The best forecast is the one with the largest MSE.

AnswerTrueFalse A higher value of alpha in exponential smoothing makes the forecast more responsive and less smooth.

AnswerTrueFalse A graph of the data must be perfectly flat to use smoothing, there should be no "noise" in the data.

AnswerTrueFalse When calculating MSE, the Excel function that combines all of the squared errors into one number is the AVERAGE function.

AnswerTrueFalse When using smoothing to forecast future events, you can accurately forecast many time periods into the future.