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
bartleby

Videos

Textbook Question
Book Icon
Chapter 8, Problem 24P

The quarterly sales data (number of copies sold) for a college textbook over the past three years are as follows:

Chapter 8, Problem 24P, The quarterly sales data (number of copies sold) for a college textbook over the past three years

  1. a. Construct a time series plot. What type of pattern exists in the data?
  2. b. Use a regression model with dummy variables as follows to develop an equation to account for seasonal effects in the data: Qtr1 = l if quarter l, 0 otherwise; Qtr2 = l if quarter 2, 0 otherwise; Qtr3 = 1 if quarter 3, 0 otherwise.
  3. c. Based on the model you developed in part (b), compute the quarterly forecasts for next year.
  4. d. Let t = 1 to refer to the observation in quarter 1 of year 1; t = 2 to refer to the observation in quarter 2 of year 1; …; and t = 12 to refer to the observation in quarter 4 of year 3. Using the dummy variables defined in part (b) and t, develop an equation to account for seasonal effects and any linear trend in the time series.
  5. e. Based upon the seasonal effects in the data and linear trend, compute the quarterly forecasts for next year.
  6. f. Is the model you developed in part (b) or the model you developed in part (d) more effective? Justify your answer.
Blurred answer
Students have asked these similar questions
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
Table 13 lists fall graduate enrollment by gender in U.S. degree-granting institutions. The figure contains a scatter plot and regression line for each data set, where x represents years since 1980 and y represents enrollment in millions. Fall Graduate Enrollment (in millions) Year Male Female 1980 0.87 0.75 1990 0.90 0.96 2000 0.94 1.21 2010 1.21 1.73 2020 1.21 1.70     A. Interpret the slope of each model. B. Use the regression models to predict the male and female graduate enrollments in 2025. C. Use the regression models to estimate the first year in which female graduate enrollment will exceed male graduate enrollment by at least 1 million.

Chapter 8 Solutions

Essentials of Business Analytics (MindTap Course List)

Knowledge Booster
Background pattern image
Statistics
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:Cengage Learning
Text book image
College Algebra
Algebra
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:Cengage Learning
Text book image
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Text book image
College Algebra
Algebra
ISBN:9781938168383
Author:Jay Abramson
Publisher:OpenStax
Text book image
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
Text book image
College Algebra
Algebra
ISBN:9781337282291
Author:Ron Larson
Publisher:Cengage Learning
Time Series Analysis Theory & Uni-variate Forecasting Techniques; Author: Analytics University;https://www.youtube.com/watch?v=_X5q9FYLGxM;License: Standard YouTube License, CC-BY
Operations management 101: Time-series, forecasting introduction; Author: Brandoz Foltz;https://www.youtube.com/watch?v=EaqZP36ool8;License: Standard YouTube License, CC-BY