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Construct a time series plot

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Reference no: EM133083388

The values of Alabama building contracts (in $ millions) for a 12-month period follow:

240 350 230 260 280 320 220 310 240 310 240 230

a. Construct a time series plot. What type of pattern exists in the data?

b. Compare the three-month moving average approach with the exponential smoothing forecast using α=0.4. Which approach provides more accurate forecasts based on MSE?

c. What is the forecast for the next month?

d. Explain how you would find the optimum level of α for this data.

Reference no: EM133083388

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