Consider the following time series data:
|
Month
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
|
Value
|
24
|
13
|
20
|
12
|
19
|
23
|
15
|
a. Construct a time series plot. What type of pattern exists in the data?
b. Develop a three-week moving average for this time series. Compute MSE and a forecast for week 8.
c. Use a = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 8.