In retail, a store manager uses time series models to understand shopping trends. Review the scatter plot of the store’s sales from 2010 through 2021 to answer the questions. See attached as image.Here is the data for Fiscal Year and Sales:Fiscal YearSales2010$260,123.002011$256,853.002012$274,366.002013$290,525.002014$322,318.002015$380,921.002016$541,925.002017$909,050.002018$1,817,521.002019$3,206,564.002020$4,921,005.002021$5,686,338.00Time series decomposition seeks to separate the time series (Y) into 4 components: trend (T), cycle (C), seasonal (S), and irregular (I). What is the difference between these components? The model can be additive or multiplicative. When do you use each?Review the scatter plot of the exponential trend of the time series data. Do you observe a trend? If so, what type of trend do you observe?What predictions might you make about the store’s annual sales over the next few years? $6,000,000$5,000,000$4,000,000$3,000,000$2,000,000$1,000,000$02010Salesy = 460655x - 9E+08R² = 0.7202201220142016201820202022

The time series data is,Fiscal…

Answered: In retail, a store manager uses time…

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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In retail, a store manager uses time series models to understand shopping trends.

Review the scatter plot of the store’s sales from 2010 through 2021 to answer the questions. See attached as image.

Here is the data for Fiscal Year and Sales:

Time series decomposition seeks to separate the time series (Y) into 4 components: trend (T), cycle (C), seasonal (S), and irregular (I). What is the difference between these components?
The model can be additive or multiplicative. When do you use each?
Review the scatter plot of the exponential trend of the time series data. Do you observe a trend? If so, what type of trend do you observe?
What predictions might you make about the store’s annual sales over the next few years?