1, 1. Consider the following time series of annual sales (in £1000) for a company.2016 2017201820192020104.8109.6116.2 124.1114.4An ARIMA(1,0,1) model is assumed with fitted parameters1 = 0.8 , ô, = 0.5, âu = 109.1 , ô = 1.0.5, и109.1 , ô? = 1,%D(a) Obtain a prediction for the time series for the year 2023, and provide anapproximate 95% prediction interval.(b) Describe in your own words an interpretation of the prediction interval obtainedin part i).

Answered: (a) Obtain a prediction for the time…

Practical Management Science

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Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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(a) Obtain a prediction for the time series for the year 2023, and provide an approximate 95% prediction interval. (b) Describe in your own words an interpretation of the prediction interval obtained in part i).