This question is for Management Science( 430) . Its chapter 15 question #19 A thru C. The book its from is An Introduction to Management Science ( Quantitative Approaches to Decision Making). Edition 13E.
Consider the Following time series:
t- 1 2 3 4 5 6 7
Yt - 120 110 100 96 94 92 88
(1 goes with 120, 2 goes with 110 so on and so on. )
A. Construct a time series plot. What type of pattern exists in the data?
B. Use excel solver or Lingo to find the parameters for the line that minimizes MSE this time series.
C. What is the forecast for t=8