AutoSave OffLab_11_1_Data.xlsx vFileHomeInsertPage LayoutFormulasDataReview ViewAutomate HelpSpreadshX CutCalibri11xΑ' Α'ab Wrap TextGeneralPasteCopyBIUvvxAxFormat PainterMerge & Center ▾ $ %vClipboard>FontAlignment>NumbA16fxDecABсDEFGHJKLMNP4 Row Labels0 0.512345678 9 10 11 Grand Total565Jan+Feb7 Mar226 22 31173 17 28170 20 3139 45 42 41 41 45 41 30 40 3968231 3134 2634 32 31 24 17 24 314732742 333036 294788+Apr1499May112 1310 Jun8518 209 20 1916 31 36 23 28 3125 1827 363441120242527512 1912 1118711Jul76716 915 101014312 Aug556 49 10 119513 Sep554 1312 129614 Oct433 1056115 + Nov425 105716 +Dec17 Grand Total411421227 123 212 214 199 189 188 167 160 128 83 71 39300018192021

The provided spreadsheet contains data organized in rows and columns, representing monthly values…

Answered: AutoSave Off Lab_11_1_Data.xlsx v File…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 27P: The file P13_27.xlsx contains yearly data on the proportion of Americans under the age of 18 living...

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The file P13_27.xlsx contains yearly data on the proportion of Americans under the age of 18 living below the poverty level. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Create a chart of the series with the forecasts superimposed from this optimal smoothing constant. Does it make much of an improvement over the model in part b? d. Write a short report to summarize your results. Considering the chart in part c, would you say the forecasts are good?
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