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An Introduction to Management Science 13th Edition by David Anderson,Dennis Sweeney ,Thomas Williams ,Jeffrey Camm, Kipp Martin
Edition 13ISBN: 978-1439043271An Introduction to Management Science 13th Edition by David Anderson,Dennis Sweeney ,Thomas Williams ,Jeffrey Camm, Kipp Martin
Edition 13ISBN: 978-1439043271 Exercise 7
Consider the following time series data: 
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. Commute MSE and a fore-cast for week 7.
c. Use ? = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 7.
d. Compare the three-week moving average forecast with the exponential smoothing forecast using ? = 0.2. Which appears to provide the better forecast based on MSE? Explain.
e. Use Excel Solver or LINGO to find the value of ? that minimizes MSE. ( Hint : Minimize the sum of squared error.)
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. Commute MSE and a fore-cast for week 7.
c. Use ? = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 7.
d. Compare the three-week moving average forecast with the exponential smoothing forecast using ? = 0.2. Which appears to provide the better forecast based on MSE? Explain.
e. Use Excel Solver or LINGO to find the value of ? that minimizes MSE. ( Hint : Minimize the sum of squared error.)
Explanation
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An Introduction to Management Science 13th Edition by David Anderson,Dennis Sweeney ,Thomas Williams ,Jeffrey Camm, Kipp Martin
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