The values of Alabama building contracts (in millions of dollars) for a 12-month period follow. 240 350
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Question:
The values of Alabama building contracts (in millions of dollars) for a 12-month period
follow.
240 350 230 260 280 320 220 310 240 310 240 230
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 fore-
cast. use a= 0.2. Which provides the better forecasts based on MSE?
c. What is the forecast for the next month?
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