Using data in the below in class example, forecast GA operations using effective buying income (X2) as the independent variable. Develop forecasts for the years 2010, 2015, 2020 and 2030. Show your answers in a table.Questions:How does this forecast differ from that using employment as the independent variable?What is the coefficient of determination for this scenario and what does it imply? Service AreaYearGA Operations (Y)Employment (X1)Effective Buying Income (X2)200022,51345,714$8,433200123,76848,601$9,207200221,83851,314$10,106200325,90454,107$10,457200426,20857,848$11,055200526,94656,022$11,016200627,97756,317$11,399200727,29458,757$11,883200828,64761,556$12,119200929,27062,341$12,213Forecast2010 66,533$13,0812015 73,491$14,6092020 82,189$16,5252030 99,584$20,369

Forecasting is a method of making well-informed forecasts regarding the direction of future trends…

Answered: How does this forecast differ from that…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

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

See similar textbooks

Related questions

Question

Using data in the below in class example, forecast GA operations using effective buying income (X₂) as the independent variable. Develop forecasts for the years 2010, 2015, 2020 and 2030. Show your answers in a table.

Questions:

How does this forecast differ from that using employment as the independent variable?
What is the coefficient of determination for this scenario and what does it imply?

		Service Area
Year	GA Operations (Y)	Employment (X₁)	Effective Buying Income (X₂)
2000	22,513	45,714	$8,433
2001	23,768	48,601	$9,207
2002	21,838	51,314	$10,106
2003	25,904	54,107	$10,457
2004	26,208	57,848	$11,055
2005	26,946	56,022	$11,016
2006	27,977	56,317	$11,399
2007	27,294	58,757	$11,883
2008	28,647	61,556	$12,119
2009	29,270	62,341	$12,213
Forecast
2010		66,533	$13,081
2015		73,491	$14,609
2020		82,189	$16,525
2030		99,584	$20,369