a. Explanation Calculation: The given data represent the minimum average balance that is needed to avoid paying a monthly service fee from the years 2001–2008. Denote y as the year and x as the balance ($). Time series plot: Software procedure: Step-by-step software procedure to draw the time series plot using EXCEL: Open an EXCEL file . In column A, enter the data of Year , and in column B, enter the corresponding values of Balance ($) . Select the data that are to be displayed. Click on the Insert Tab > select Scatter icon... b. To determine Calculate the linear trend equation for the data. Calculate the estimate of average balance required to avoid a monthly service fee for the year 2009. c. To determine Calculate the quadratic trend equation for the data. Calculate the estimate of average balance required to avoid a monthly service fee for the year 2009. d. To determine Identify which approach provides the most accurate forecasts. e. To determine State whether the linear trend or quadratic trend is recommended for forecasting in the year 2009.

5th Edition

ISBN: 9780100475038

Author: williams

Publisher: YUZU

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Types of Bias

Statistics is the study of data collection, organization, analysis, interpretation, and presentation. Statistical bias is a characteristic of a statistical technique or its findings in which the expected value deviates from the actual root quantitative p…

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Question

Chapter 17, Problem 44SE

To determine

Construct the time series plot.

Explain the type of pattern.

To determine

Calculate the linear trend equation for the data.

Calculate the estimate of average balance required to avoid a monthly service fee for the year 2009.

To determine

Calculate the quadratic trend equation for the data.

Calculate the estimate of average balance required to avoid a monthly service fee for the year 2009.

To determine

Identify which approach provides the most accurate forecasts.

To determine

State whether the linear trend or quadratic trend is recommended for forecasting in the year 2009.

Expert Solution & Answer

Chapter 17 Solutions

EBK MODERN BUSINESS STATISTICS WITH MIC

Ch. 17.2 - 1. Consider the following time series...Ch. 17.2 - 2. Refer to the time series data in exercise 1....Ch. 17.2 - Prob. 3E Ch. 17.2 - 4. Consider the following time series...Ch. 17.3 - Consider the following time series...Ch. 17.3 - Consider the following time series...Ch. 17.3 - Refer to the gasoline sales time series data in...Ch. 17.3 - Prob. 8E Ch. 17.3 - 9. With the gasoline time series data from Table...Ch. 17.3 - 10. With a smoothing constant of α = .2, equation...

Ch. 17.3 - For the Hawkins Company, the monthly percentages...Ch. 17.3 - Corporate triple-A bond interest rates for 12...Ch. 17.3 - The values of Alabama building contracts (in $...Ch. 17.3 - The following time series shows the sales of a...Ch. 17.3 - Ten weeks of data on the Commodity Futures Index...Ch. 17.3 - Prob. 16E Ch. 17.4 - Consider the following time series...Ch. 17.4 - Prob. 18E Ch. 17.4 - Prob. 19E Ch. 17.4 - Prob. 20E Ch. 17.4 - Prob. 21E Ch. 17.4 - Prob. 22E Ch. 17.4 - The president of a small manufacturing firm is...Ch. 17.4 - FRED (Federal Reserve Economic Data), a database...Ch. 17.4 - Prob. 25E Ch. 17.4 - Giovanni Food Products produces and sells frozen...Ch. 17.4 - The number of users of Facebook from 2004 through...Ch. 17.5 - Consider the following time series. Construct a...Ch. 17.5 - Consider the following time series...Ch. 17.5 - The quarterly sales data (number of copies sold)...Ch. 17.5 - Air pollution control specialists in southern...Ch. 17.5 - South Shore Construction builds permanent docks...Ch. 17.5 - Prob. 33E Ch. 17.5 - Prob. 34E Ch. 17.6 - Consider the following time series...Ch. 17.6 - Refer to exercise 35. Deseasonalize the time...Ch. 17.6 - The quarterly sales data (number of copies sold)...Ch. 17.6 - Three years of monthly lawn-maintenance expenses...Ch. 17.6 - Air pollution control specialists in southern...Ch. 17.6 - Electric power consumption is measured in...Ch. 17 - The weekly demand (in cases) for a particular...Ch. 17 - The following table reports the percentage of...Ch. 17 - United Dairies, Inc., supplies milk to several...Ch. 17 - Prob. 44SE Ch. 17 - The Garden Avenue Seven sells CDs of its musical...Ch. 17 - The Mayfair Department Store in Davenport, Iowa,...Ch. 17 - Prob. 47SE Ch. 17 - The Costello Music Company has been in business...Ch. 17 - Consider the Costello Music Company problem in...Ch. 17 - Prob. 50SE Ch. 17 - Refer to the Costello Music Company time series in...Ch. 17 - Prob. 52SE Ch. 17 - Refer to the Hudson Marine problem in exercise 52....Ch. 17 - Refer to the Hudson Marine problem in exercise...Ch. 17 - Refer to the Hudson Marine data in exercise...Ch. 17 - Forecasting Food and Beverage Sales The Vintage...Ch. 17 - The Carlson Department Store suffered heavy damage...

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Construct the time series plot. Explain the type of pattern.

Solution Summary: The author explains how to draw a time series plot using EXCEL.

Concept explainers

Videos

Construct the time series plot. Explain the type of pattern.

Calculate the linear trend equation for the data. Calculate the estimate of average balance required to avoid a monthly service fee for the year 2009.

Calculate the quadratic trend equation for the data. Calculate the estimate of average balance required to avoid a monthly service fee for the year 2009.

Identify which approach provides the most accurate forecasts.

State whether the linear trend or quadratic trend is recommended for forecasting in the year 2009.

Chapter 17 Solutions

Construct the time series plot.

Explain the type of pattern.

Calculate the linear trend equation for the data.

Calculate the estimate of average balance required to avoid a monthly service fee for the year 2009.

Calculate the quadratic trend equation for the data.

Calculate the estimate of average balance required to avoid a monthly service fee for the year 2009.