BASIC BUSINESS STAT LL W/MYLAB
14th Edition
ISBN: 9780135991459
Author: BERENSON
Publisher: PEARSON
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Question
Chapter 2, Problem 67PS
a.
To determine
Construct the sparkline of new home sales prices yearwise.
b.
To determine
Draw the conclusion about the median sales price of new single-family houses sold in United States.
c.
To determine
Compare the above obtained spark lines with the time series plot shown in problem 2.55.
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Which of the following time series forecasting methods would not be used to forecast seasonal data?
The following data set provides the total number of shipments of core major household appliances in the U.S. from 2000 to 2016 (in millions):
Year
Shipments (millions)
2000
38.4
2001
38.2
2002
40.8
2003
42.5
2004
46.1
2005
47.0
2006
46.7
2007
44.1
2008
39.8
2009
36.5
2010
38.2
2011
36.0
2012
35.8
2013
39.2
2014
41.5
2015
42.9
2016
44.7
a. Plot the time series.
b. Fit a three-year moving average to the data and plot the results.
c. Fit a five-year moving average to the data and plot the results.
d. Compute a linear trend forecasting equation and plot the trend line.
e. Compute a quadratic trend forecasting equation and plot the results.
The Vintage Restaurant, on Captive Island near Fort Meyers, Florida, is owned and operated by Karen Payne. The restaurant just completed its second year of operation. Below are the sales for those two years (in ten thousands of dollars).
Month
First Year
Second Year
January
57
61
February
51
75
March
58
54
April
57
56
May
68
62
June
72
71
July
60
59
August
51
75
September
68
68
October
51
50
November
71
64
December
75
58
a) Construct a time-series plot in excel. (Label axes and graph)
b) Develop a six month moving average. Compute MSE and forecast the amount of sales for the next month.
c) Use α = 0.2 to compute the exponential smoothing values. Compute MSE and forecast for the next month.
d) Compare the result for the six month average and exponential smoothing. Which appears to provide a better…
Chapter 2 Solutions
BASIC BUSINESS STAT LL W/MYLAB
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