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In: Statistics and Probability

The table below shows the price of petrol for a week. Day Monday Tuesday Wednesday Thursday...

The table below shows the price of petrol for a week.
Day Monday Tuesday Wednesday
Thursday Friday Saturday Sunday
Price of Petrol (per Liter) 1.57
1.85
1.86
1.94
1.49 1.66 1.69
a) Using a 4-day Moving Average to forecast the petrol price on Saturday, and calculate the forecast error.
b) Given the exponential smoothing constant ? = 0.3, the petrol price on Saturday, and the forecast petrol price on Saturday (from (a)), forecast the petrol price on Sunday by using the exponential smoothing technique. Hence, calculate the forecast error of the petrol price on Sunday.

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orchestra answered 1 year ago
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