The Values Of Alabama Building Contracts In 8 Millions For A 12 Month Period Follow 240 350 230 270 280 310 220 310 2 1 (130.37 KiB) Viewed 28 times
The values of Alabama building contracts (in 8 millions) for a 12-month period follow. 240 350 230 270 280 310 220 310 240 310 240 230 a. Construct a time series plot. 1 Value (millions of dollars) -300 w 200 100 4 6 Value (millions of dollars) 300/ M M. 200 100 6 8 10 Value (millions of dollars) wm. M -30 200 100 4 6 8 10 12 Month time series plot #2 What type of pattern exists in the data? horizontal b. Compare the three-month moving average approach with the exponential smoothing forecast using a = 0.2 (to 2 decimals). MSE (3-Month) 38.93 MSE (α = 0.2) 38.93 Which provides more accurate forecasts based on MSE? 3-month moving average Using only the errors for months 4 to 12, the MSE for exponential smoothing is: MSE (a=0.2) 4-12 Which provides more accurate forecasts based on MSE? exponential smoothing approach a = 0.2 c. Using the approach that provides more accurate forecasts based on MSE, what is the forecast for the next month (to the nearest whole number)? $ 260 million 2 3 8 10 12 Month 12 Month
The values of Alabama building contracts (in $ millions) for a 12-month period follow. 240 350 230 270 280 310 220 310 240 310 240 230 a. Construct a time series plot. 1 Value (millions of dollars) www 300 -200 100 2 6 8 10 12 Month 2 Value (millions of dollars) im w 300; 200 -100 10 12 Month 3 Value (millions of dollars) 3014 m 200 -100 6 8 10 12 Month time series plot #2 What type of pattern exists in the data? horizontal b. Compare the three-month moving average approach with the exponential smoothing forecast using a=0.2 (to 2 decimals). X MSE (3-Month) 38.93 MSE (@=0.2) 38.93 Which provides more accurate forecasts based on MSE? 3-month moving average Using only the errors for months 4 to 12, the MSE for exponential smoothing is: MSE (@= 0.2) 4-12 Which provides more accurate forecasts based on MSE? exponential smoothing approach a = 0.2 V c. Using the approach that provides more accurate forecasts based on MSE, what is the forecast for the next month (to the nearest whole number)? $ 260 million
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!