The Following Time Series Shows the Sales of a Particular

question 16

Essay

The following time series shows the sales of a particular commodity over the past 15 weeks.
a. Construct a time series plot. What type of pattern exists in the data?
b. Use α = 0.3 to develop the exponential smoothing values for the time series and compute the forecast of demand for the next week.
c. Use trial and error to find a value of the exponential smoothing coefficient α that results in a relatively small MSE.

---

Definitions:

Fruit Cake

A dense cake made with chopped candied fruit, nuts, spices, and sometimes soaked in spirits, often served during the holiday season.

Political Ideologies

Sets of beliefs and values that provide a framework for political, economic, and social policies.

Liberals

Individuals or political parties advocating for policies that emphasize individual freedoms, social justice, and progressive reform.

Conservatives

Individuals or political factions favoring traditional views and values, advocating for minimal governmental intervention in the economy and society.