Consider the following time series data. Month 1 2 3 4 5 6 7 Value 22 12 18 12 20 22 16 Round your answers to two decimal places. a. Compute MSE using the most recent value as the forecast for the next period. Mean squared error is What is the forecast for month 8? b. Compute MSE using the average of all data available as the forecast for the next period. Mean squared error is What is the forecast for month 8? c. Which method appears to provide the better forecast?
Consider the following time series data. Month 1 2 3 4 5 6 7 Value 22 12 18 12 20 22 16 Round your answers to two decimal places. a. Compute MSE using the most recent value as the forecast for the next period. Mean squared error is What is the forecast for month 8? b. Compute MSE using the average of all data available as the forecast for the next period. Mean squared error is What is the forecast for month 8? c. Which method appears to provide the better forecast?
Chapter4: Linear Functions
Section4.3: Fitting Linear Models To Data
Problem 24SE: Table 6 shows the year and the number ofpeople unemployed in a particular city for several years....
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Consider the following time series data.
| Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| Value | 22 | 12 | 18 | 12 | 20 | 22 | 16 |
Round your answers to two decimal places.
a. Compute MSE using the most recent value as the forecast for the next period.
Mean squared error is
What is the forecast for month 8?
b. Compute MSE using the average of all data available as the forecast for the next period.
Mean squared error is
What is the forecast for month 8?
c. Which method appears to provide the better forecast?
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