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 23P

Consider the following time series data:

Chapter 8, Problem 23P, Consider the following time series data:

Construct a time series plot. What type of pattern exists

  1. a. Construct a time series plot. What type of pattern exists in the data?
  2. b. Use a multiple regression model with dummy variables as follows to develop an equation to account for seasonal effects in the data: Qtr1 = 1 if quarter 1, 0 otherwise; Qtr2 = 1 if quarter 2. 0 otherwise; Qtr3 = 1 if quarter 3, 0 otherwise.
  3. c. Compute the quarterly forecasts for next year based on the model you developed in part (b).
  4. d. Use a multiple regression model to develop an equation to account for trend and seasonal effects in the data. Use the dummy variables you developed in part (b) to capture seasonal effects and create a variable t such that t = 1 for quarter 1 in year 1, t = 2 for quarter 2 in year 1, … t = 12 for quarter 4 in year 3.
  5. e. Compute the quarterly forecasts for next year based on the model you developed in part (d).
  6. f. Is the model you developed in part (b) or the model you developed in part (d) more effective? Justify your answer.
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am. 13.
STER. 1. Wine Consumption. The table below gives the U.S. adult wine consumption, in gallons per person per year, for selected years from 1980 to 2005. a) Create a scatterplot for the data. Graph the scatterplot Year Wine below. Consumption 2.6 b) Determine what type of model is appropriate for the 1980 data. 1985 2.3 c) Use the appropriate regression on your calculator to find a Graph the regression equation in the same coordinate plane below. d) According to your model, in what year was wine consumption at a minimum? A e) Use your model to predict the wine consumption in 2008. 1990 2.0 1995 2.1 2000 2.5 2005 2.8
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely

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Essentials of Business Analytics (MindTap Course List)

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