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  3. consider the following time series data. month

Consider the following time series data. Month 1 2 3 4 5 6 7 Value 23 11 21 10 20 23 15 Round your answers to two decimal places. a. Compute MSE using...

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Question

Basic Math

Consider the following time series data.

Month1234567
Value23112110202315

Round your answers to two decimal places.

a. Compute MSE using the most recent value asthe forecast for the next period.

Mean squared error is

What is the forecast for month ?

b. Compute MSE using the average of all dataavailable as the forecast for the next period.

Mean squared error is

What is the forecast for month ?

c. Which method appears to provide the betterforecast?

Answer & Explanation Solved by verified expert
4.3 Ratings (697 Votes)
Month1234567Value23112110202315a Compute MSE using the most recent value asthe forecast for the next periodrecent value method includes the forecasted value from the mostrecent periodEg Current    See Answer
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