Essentials Of Business Analytics
1st Edition
ISBN: 9781285187273
Author: Camm, Jeff.
Publisher: Cengage Learning,
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Textbook Question
Chapter 5, Problem 4P
Consider the following time series data:
- a. Compute MSE using the most recent value as the forecast for the next period. What is the forecast for month 8?
- b. Compute MSE using the average of all the data available as the forecast for the next period. What is the forecast for month 8?
- c. Which method appears to provide the better forecast?
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Consider the following time series data:
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PART 1.Compute MSE using the most recent value as the forecast for the next period and then calculate the forecast for month 8.
PART 2.Compute MSE using the average of all the data available as the forecast for the next period. What is the forecast for month 8?
consider the following time series data.Month 1 2 3 4 5 6 7Value 24 13 20 12 19 23 15a. compute MSe using the most recent value as the forecast for the next period. Whatis the forecast for month 8?b. compute MSe using the average of all the data available as the forecast for the nextperiod. What is the forecast for month 8?c. Which method appears to provide the better forecast?
Describe the following time-series patterns:
a. Horizontal Pattern
b. Trend Pattern
c. Seasonal Pattern
d. Cyclical Pattern
Chapter 5 Solutions
Essentials Of Business Analytics
Ch. 5 - Consider the following time series data:
Using...Ch. 5 - Refer to the time series data in Problem 1. Using...Ch. 5 - Problems 1 and 2 used different forecasting...Ch. 5 - Consider the following time series data:
Compute...Ch. 5 - Consider the following time series...Ch. 5 - Consider the following time series...Ch. 5 - Prob. 8PCh. 5 - Prob. 9PCh. 5 - Prob. 10PCh. 5 - For the Hawkins Company, the monthly percentages...
Ch. 5 - Corporate triple A bond interest rates for 12...Ch. 5 - The values of Alabama building contracts (in...Ch. 5 - The following time series shows the sales of a...Ch. 5 - Prob. 15PCh. 5 - The following table reports the percentage of...Ch. 5 - Consider the following time series: a. Construct a...Ch. 5 - Consider the following time series:
Construct a...Ch. 5 - The Seneca Children’s Fund (SCF) is a local...Ch. 5 - The president of a small manufacturing firm is...Ch. 5 - Consider the following time series: a. Construct a...Ch. 5 - Consider the following time series...Ch. 5 - The quarterly sales data (number of copies sold)...Ch. 5 - Prob. 25PCh. 5 - South Shore Construction builds permanent docks...Ch. 5 - Hogs & Dawgs is an ice cream parlor on the border...Ch. 5 - Donna Nickles manages a gasoline station on the...Ch. 5 - The Vintage Restaurant, on Captiva Island near...
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- Consider the following time series data.Quarter Year 1 Year 2 Year 31 4 6 72 2 3 63 3 5 64 5 7 8a. Construct a time series plot. What type of pattern exists in the data?b. Show the four-quarter and centered moving average values for this time series.c. Compute seasonal indexes and adjusted seasonal indexes for the four quarters.arrow_forwardThe following plots have been obtained for a time series. a) Suggest an appropriate ARIMA model. b) The following ARIMA output has been obtained from R. Based on this output, which model would you recommend for forecasting?arrow_forwardWhich of the time series forecasting methods would not be used to forecast seasonal data?arrow_forward
- 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.arrow_forwardThe following observations are lifetimes (in days) subsequent to diagnosis for individuals suffering from a rare cancer.arrow_forwardDevelop seasonal factors from the table below by following a 3-MA values for the time series data t 1 2 3 4 5 6 7 8 9 y 13 18 13 14 13 16 14 21 13arrow_forward
- Consider the following time series data: Month 1 2 3 4 5 6 7 Value 24 12 20 11 19 24 16 (a) Compute MSE using the most recent value as the forecast for the next period. If required, round your answer to one decimal place. What is the forecast for month 8? If required, round your answer to one decimal place. Do not round intermediate calculation. (b) Compute MSE using the average of all the data available as the forecast for the next period. If required, round your answer to one decimal place. Do not round intermediate calculation. What is the forecast for month 8? If required, round your answer to one decimal place. (c) Which method appears to provide the better forecast? All Data average or Naiivearrow_forwardConsider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 Construct a time series plot. What type of pattern exist in the data? Develop a three-week moving average for this time series. Compute MSE and forecast for week 7. Use a = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and forecast for week 7.arrow_forwardConsider the following time series data: Month 1 2 3 4 5 6 7 Value 23 14 19 12 20 24 15 (a) Compute MSE using the most recent value as the forecast for the next period. If required, round your answer to one decimal place. What is the forecast for month 8? If required, round your answer to one decimal place. Do not round intermediate calculation. (b) Compute MSE using the average of all the data available as the forecast for the next period. If required, round your answer to one decimal place. Do not round intermediate calculation. What is the forecast for month 8? If required, round your answer to one decimal place. (c) Which method appears to provide the better forecast? - Select your answer -NaïveAll data averageItem 5arrow_forward
- Consider the following time series data: Month 1 2 3 4 5 6 7 Value 23 14 19 12 20 24 15 (a) Compute MSE using the most recent value as the forecast for the next period. If required, round your answer to one decimal place. What is the forecast for month 8? If required, round your answer to one decimal place. Do not round intermediate calculation. (b) Compute MSE using the average of all the data available as the forecast for the next period. If required, round your answer to one decimal place. Do not round intermediate calculation. What is the forecast for month 8? If required, round your answer to one decimal place.arrow_forward1. Interpret the data which has been presented in thr below Table 1 and Table 2.arrow_forwardUsing the time series data in the table, respond to the following items. Period Sales 1 $ 615 2 676 3 761 4 710 5 784 6 801 7 852 8 698 9 1,193 10 1,115 11 1,231 12 1,259 13 1,495 14 1,229 15 1,652 16 1,337 17 1,673 18 1,613 Please show work, thanks.arrow_forward
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