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In: Statistics and Probability

You are doing an internship with Macy’s and are tasked with forecasting sales so that you...

You are doing an internship with Macy’s and are tasked with forecasting sales so that you can make inventory orders. You have weekly sales data for men’s dress shirts in your store from each of the past six weeks. You decide to try both a 3-period moving average and exponential smoothing with λ = 0.7 to see which model is more accurate and then use that one to make forecasts. The sales data is shown below.

Week # of Shirts Sold
1 423
2 448
3 437
4 361
5 395
6 416

What is the calculated MSE for the exponential smoothing method? Round intermediate calculations and final answer to 4 decimals.

What is the calculated MSE using the 3-period moving average? Round intermediate calculations and final answer to 4 decimals.

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orchestra answered 2 years ago
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