The average price per gallon of gasoline in major U.S. cities for each month during the years 2014- 2016 are shown in th

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The Average Price Per Gallon Of Gasoline In Major U S Cities For Each Month During The Years 2014 2016 Are Shown In Th 1 (100.68 KiB) Viewed 58 times

The average price per gallon of gasoline in major U.S. cities for each month during the years 2014- 2016 are shown in the table below: Month 2014 2015 0.972 1.301 0.955 1.369 1.541 0.991 1.117 1.178 1.506 1.498 1.617 1.148 January February March April May June July August September October November December 1.593 1.189 1.255 1.510 1.280 1.582 1.559 1.274 1.264 1.555 1.298 1.489 a. Before entering January 2015 use exponential smoothing with alpha = 0.45, generate a forecast for gasoline prices for January to December 2015. [8 marks] b. Use the three month Weighted Moving Average (with weight 2, 3, 4) to generate forecast for gasoline prices for April to December 2015. [8 marks] C. Calculate the MAD from each forecast and indicate which one is the better method to use and why [4 marks]