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  1. mathematics
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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 25 12 20 11 20 23 15 (a) Compute MSE using the most recent value as the forecast...

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Question

Basic Math

Consider the following time series data:

Month1234567
Value25122011202315
(a)Compute MSE using the most recent value as the forecast for thenext period.
If required, round your answer to one decimal place.
What is the forecast for month 8?
If required, round your answer to one decimal place. Do notround intermediate calculation.
(b)Compute MSE using the average of all the data available as theforecast for the next period.
If required, round your answer to one decimal place. Do notround intermediate calculation.
What is the forecast for month 8?
If required, round your answer to one decimal place.
(c)

Which method appears to provide the better forecast?

(Naiive or all data coverage)

Answer & Explanation Solved by verified expert
4.2 Ratings (763 Votes)
AnsweraGivenlet us considerF1 be no forecastF2 A1 25F3 A2 12MonthActual value AForecastFError E AFError2    See Answer
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