The values of Alabama building contracts (in millions of dollars) for a 12-month period follow:240 350 230 260 280 320 220 310 240 310 240 230a. Construct a time series plot. What type of pattern exists in the data?b. Compare a three-month moving average forecast with an exponential smoothing forecast. Use alpha =0.2 Which provides the better forecasts based on MSE?c. What is the forecast for the next month?

Check the explanation

Step-by-step explanation:

Kindly check the attached image below for the full explanation.

Based on the preceding MBE values in the attached image below, the 3-Month moving averages appear better; however, exponential smoothing was penalized by including month 2 which was difficult for any method to forecast; using only the errors for months 0 to 12, the MBE for exponential smoothing is

MSE  = 14694/9= 1632.72

exponential smoothing was better considering months 4 to 12.

the median here is 25. your lowest value is 14 and highest value is 48. to find the third quartile, find the medium number in between 25 and 48 which would be 42 i believe.