Essentials of Business Analytics (MindTap Course List)
Essentials of Business Analytics (MindTap Course List)
2nd Edition
ISBN: 9781305627734
Author: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson
Publisher: Cengage Learning
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Chapter 8, Problem 18P

Consider the following time series:

Chapter 8, Problem 18P, Consider the following time series:

Construct a time series plot. What type of pattern exists in

  1. a. Construct a time series plot. What type of pattern exists in the data?
  2. b. Use simple linear regression analysis to find the parameters for the line that minimizes MSE for this time series.
  3. c. What is the forecast for t = 8?
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Which of the following time-series forecasting methods would not be used to forecast a time series that exhibits a linear trend with no seasonal or cyclical patterns?  a. Dummy variable regression b. Linear trend regression c. Multiplicative Winter's method d. Holt Winter's double exponential smoothing  e. Both A and D
Assume that the current date is February 1, 2021. The linear regression model was applied to a monthly time series data based on the last 24 months' sales. (From January 2019 through December 2020). The following partial computer output summarizes the results.   Coefficient Estimate t Intercept 4.3 2.07 Slope 1.6 2.98   Determine the predicted sales for February.
Please answer part b and C

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Essentials of Business Analytics (MindTap Course List)

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