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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Textbook Question
Chapter 8, Problem 6P
Consider the following time series data:
- a. Construct a time series plot. What type of pattern exists in the data?
- b. Develop a three-week moving average for this time series. Compute MSE and a forecast for week 8.
- c. Use α = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and a forecast for week 8.
- d. Compare the three-week moving average forecast with the exponential smoothing forecast using α = 0.2. Which appears to provide the better forecast based on MSE?
- e. Use trial and error to find a value of the exponential smoothing coefficient α that results in a smaller MSE than what you calculated for α = 0.2.
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The table below indicates the number of years of experience of a sample of employees who work on a particular production line and the corresponding number of units of a good that each employee produced last month.
Years of Experience (x)
Number of Goods (y)
11
63
5
57
1
48
4
54
45
3
51
Q.1.1 By completing the table below and then applying the relevant formulae, determine the line of best fit for this bivariate data set.
Do NOT change the units for the variables.
X
y
X2
xy
Ex=
Ey=
EX2
EXY=
Q.1.2 Estimate the number of units of the good that would have been produced last month by an employee with 8 years of experience.
Q.1.3 Using your calculator, determine the coefficient of correlation for the data set.
Interpret your answer.
Q.1.4 Compute the coefficient of determination for the data set.
Interpret your answer.
Q.3.2 A sample of consumers was asked to name their favourite fruit. The results regarding the popularity of the different fruits are given in the following table.
Type of Fruit
Number of Consumers
Banana
25
Apple
20
Orange
5
TOTAL
50
Draw a bar chart to graphically illustrate the results given in the table.
Chapter 8 Solutions
Essentials of Business Analytics (MindTap Course List)
Ch. 8 - Consider the following time series data:
Using...Ch. 8 - Refer to the time series data in Problem 1. Using...Ch. 8 - Problems 1 and 2 used different forecasting...Ch. 8 - Consider the following time series data:
Compute...Ch. 8 - Consider the following time series...Ch. 8 - Consider the following time series...Ch. 8 - Refer to the gasoline sales time series data in...Ch. 8 - Prob. 8PCh. 8 - Prob. 9PCh. 8 - Prob. 10P
Ch. 8 - For the Hawkins Company, the monthly percentages...Ch. 8 - Corporate triple A bond interest rates for 12...Ch. 8 - The values of Alabama building contracts (in...Ch. 8 - The following time series shows the sales of a...Ch. 8 - Prob. 15PCh. 8 - The following table reports the percentage of...Ch. 8 - Consider the following time series: a. Construct a...Ch. 8 - Consider the following time series:
Construct a...Ch. 8 - Because of high tuition costs at state and private...Ch. 8 - The Seneca Children’s Fund (SCF) is a local...Ch. 8 - The president of a small manufacturing firm is...Ch. 8 - Consider the following time series: a. Construct a...Ch. 8 - Consider the following time series...Ch. 8 - The quarterly sales data (number of copies sold)...Ch. 8 - Prob. 25PCh. 8 - South Shore Construction builds permanent docks...Ch. 8 - Hogs & Dawgs is an ice cream parlor on the border...Ch. 8 - Donna Nickles manages a gasoline station on the...Ch. 8 - The Vintage Restaurant, on Captiva Island near...
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