For the attached data set, 1. create a 3-month and 6-month moving average forecast. 2. Calculate...

For the attached data set,

1. create a 3-month and 6-month moving average forecast.

2. Calculate the standard errors

3. compare their forecast accuracy

Month/Year	Unemployment rate
Jan-17	5.1
Feb-17	4.9
Mar-17	4.6
Apr-17	4.1
May-17	4.1
Jun-17	4.5
Jul-17	4.6
Aug-17	4.5
Sep-17	4.1
Oct-17	3.9
Nov-17	3.9
Dec-17	3.9
Jan-18	4.5
Feb-18	4.4
Mar-18	4.1
Apr-18	3.7
May-18	3.6
Jun-18	4.2
Jul-18	4.1
Aug-18	3.9
Sep-18	3.6
Oct-18	3.5
Nov-18	3.5

Expert Solution

I had done this using MINITAB as follows-

Stat- Time series -moving average . This gives output as follows-

From above standard error for 3 - month Moving Average is 0.16 and 6 - month moving average is 0.08902.

Forecast for 6 month moving average is accurate. Because it's standard error is minimum.

orchestra answered 2 years ago

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