14. Consider the following time series. t 1 2 3 4 5 7 Yt 120 110 100 96 94 92 88 a. Construct a time series plot. What type of pattern exists in the data? b. Develop the linear trend equation for this time series. C. What is the forecast for t = 8?

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Q: snip

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A:

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.