What is the difference between Time series data and Cross sectional data. What are the examples of each
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What is the difference between Time series data and Cross sectional data. What are the examples of each.
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- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?What is the difference between structured approach and semi-structured approach when collecting data?Refer again to the gasoline sales time series data in the following table. Using a weight of 1/2 for the most recent observation, 1/3 for the second most recent, and 1/6 for third most recent, compute a three-week weighted moving average for the time series. Use rounded for two decimal places values for intermediate calculations. Use minus sign for negative values. Compute the MSE for the weighted moving average in part a. Do you prefer this weighted moving average to the unweighted moving average? Remember that the MSE for the unweighted moving average is 10.22. Round your answer to two decimal places. Suppose you are allowed to choose any weights as long as they sum to 1. Could you always find a set of weights that would make the MSE smaller for a weighted moving average than for an unweighted moving average? Why or why not?
- Make provision for analysing time series using five most popular statistical approaches?Describe the various types of time-series and associative forecasting models. Which types of organizations are each of these most applicable to, and why?For this final assignment I’d like you to call upon your knowledge of forecasting to help project your firm’s revenue stream for the upcoming year. In the Microsoft Excel that is attached to this assignment, you will find the past four years of quarterly revenue data for your nonprofit. Your revenue comes from two major sources: individual donations and donations from corporations. I’d like you to use the past four years’ worth of data to forecast the individual donations and donations for corporations for the next fiscal year (year 5 quarters 1-4). Once you have forecasted both individual revenue streams you can simply add them together to get your overall revenue forecast for the next fiscal year. Please discuss what forecasting method you chose and how you made your decision. You can do this in your excel document or write up a separate paragraph or two in a Microsoft Word document.
- Discuss the strength and weaknesses (pros/cons) of the different data collection methodsWhat is the connection between forecasting and quality control?What are the main advantages that quantitative techniques for forecasting have over qualitative techniques? What limitations do quantitative techniques have?
- Why is it important to match the form of the data that is entered to statistical technique used for analysis?How do organizations use linear regression. Also can you provide some examples.what are the Descriptive Statistics, Ordinal Scale and Dichotomous Variable? What are the differences among them?
