Consider the following time series data: Month 1 2 3 4 5 6 7 Value 23...

Consider the following time series data:

Month 1 2 3 4 5 6 7

Value 23 14 19 13 19 24 14

(a) Compute MSE using the most recent value as the forecast for the next 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 not round intermediate calculation.

(b) Compute MSE using the average of all the data available as the forecast for the next period. If required, round your answer to one decimal place. Do not round intermediate calculation.

What is the forecast for month 8? If required, round your answer to one decimal place.

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Expert Solution

orchestra answered 1 year ago

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