The monthly consumption of baby diapers in a maternity clinic is shown in file WB7.xlsx. Consumption has been recorded for the last 24 month.
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1. Open the MS Excel file WB7.xlsx.
2. Add five columns with single smoothing forecasts for different values of α (0.15, 0.30, 0.45, 0.60, and 0.75).
3. Calculate the corresponding MSEs for each value of α.
4. Create a time series graph for every α value, comparing the actual and forecasted figures.
5. Estimate the demand for baby diapers in the clinic for period 25 using the model that shows the best fit.
Submit the Excel file with your calculations, along with a Word file(1 brief paragraph) with your comments.
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