Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
6th Edition
ISBN: 9781337115186
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Textbook Question
Chapter 17.3, Problem 5E
Consider the following time series data.
- a. Construct a time series plot. What type of pattern exists in the data?
- b. Develop the three-week moving average forecasts for this time series. Compute MSE and a forecast for week 7.
- c. Use α = .2 to compute the exponential smoothing forecasts for the time series. Compute MSE and a forecast for week 7.
- d. Compare the three-week moving average approach with the exponential smoothing approach using α = .2. Which appears to provide more accurate forecasts based on MSE? Explain.
- e. Use a smoothing constant of α = .4 to compute the exponential smoothing forecasts. Does a smoothing constant of .2 or .4 appear to provide more accurate forecasts based on MSE? Explain.
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Consider the following time series data.
Week
1
2
3
4
5
6
Value
18
13
16
11
17
14
Construct a time series plot. What type of pattern exist in the data?
Develop a three-week moving average for this time series. Compute MSE and forecast for week 7.
Use a = 0.2 to compute the exponential smoothing values for the time series. Compute MSE and forecast for week 7.
Which of the following time series forecasting methods would not be used to forecast seasonal data?
consider the following time series data.Month 1 2 3 4 5 6 7Value 24 13 20 12 19 23 15a. compute MSe using the most recent value as the forecast for the next period. Whatis the forecast for month 8?b. compute MSe using the average of all the data available as the forecast for the nextperiod. What is the forecast for month 8?c. Which method appears to provide the better forecast?
Chapter 17 Solutions
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
Ch. 17.2 - 1. Consider the following time series...Ch. 17.2 - 2. Refer to the time series data in exercise 1....Ch. 17.2 - Prob. 3ECh. 17.2 - 4. Consider the following time series...Ch. 17.3 - Consider the following time series...Ch. 17.3 - Consider the following time series...Ch. 17.3 - Refer to the gasoline sales time series data in...Ch. 17.3 - Prob. 8ECh. 17.3 - 9. With the gasoline time series data from Table...Ch. 17.3 - 10. With a smoothing constant of α = .2, equation...
Ch. 17.3 - For the Hawkins Company, the monthly percentages...Ch. 17.3 - Corporate triple-A bond interest rates for 12...Ch. 17.3 - The values of Alabama building contracts (in $...Ch. 17.3 - The following time series shows the sales of a...Ch. 17.3 - Ten weeks of data on the Commodity Futures Index...Ch. 17.3 - Prob. 16ECh. 17.4 - Consider the following time series...Ch. 17.4 - Prob. 18ECh. 17.4 - Prob. 19ECh. 17.4 - Prob. 20ECh. 17.4 - Prob. 21ECh. 17.4 - Prob. 22ECh. 17.4 - The president of a small manufacturing firm is...Ch. 17.4 - The following data shows the average interest rate...Ch. 17.4 - Quarterly revenue ($ millions) for Twitter for the...Ch. 17.4 - Giovanni Food Products produces and sells frozen...Ch. 17.4 - The number of users of Facebook from 2004 through...Ch. 17.5 - Consider the following time series.
Construct a...Ch. 17.5 - Consider the following time series...Ch. 17.5 - The quarterly sales data (number of copies sold)...Ch. 17.5 - Air pollution control specialists in southern...Ch. 17.5 - South Shore Construction builds permanent docks...Ch. 17.5 - Prob. 33ECh. 17.5 - Prob. 34ECh. 17.6 - Consider the following time series...Ch. 17.6 - Refer to exercise 35.
Deseasonalize the time...Ch. 17.6 - The quarterly sales data (number of copies sold)...Ch. 17.6 - Three years of monthly lawn-maintenance expenses...Ch. 17.6 - Air pollution control specialists in southern...Ch. 17.6 - Electric power consumption is measured in...Ch. 17 - The weekly demand (in cases) for a particular...Ch. 17 - The following table reports the percentage of...Ch. 17 - United Dairies, Inc., supplies milk to several...Ch. 17 - Annual retail store revenue for Apple from 2007 to...Ch. 17 - The Mayfair Department Store in Davenport, Iowa,...Ch. 17 - Prob. 47SECh. 17 - The Costello Music Company has been in business...Ch. 17 - Consider the Costello Music Company problem in...Ch. 17 - Prob. 50SECh. 17 - Refer to the Costello Music Company time series in...Ch. 17 - Prob. 52SECh. 17 - Refer to the Hudson Marine problem in exercise 52....Ch. 17 - Refer to the Hudson Marine problem in exercise...Ch. 17 - Refer to the Hudson Marine data in exercise...Ch. 17 - Forecasting Food and Beverage Sales
The Vintage...Ch. 17 - The Carlson Department Store suffered heavy damage...
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- Consider the following time series data Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 a. Construct a time series plot. What type of pattern exists in the data?b. Develop the three-week moving average forecasts for this time series. compute MSE and a forecast for week 7.c. Use α = .2 to compute the exponential smoothing forecasts for the time series.Compute MSE and a forecast for week 7.d. Compare the three-week moving average approach with the exponentialsmoothing approach using α = .2. Which appears to provide more accurate forecasts based on MSE? explain.e. Use a smoothing constant of α = .4 to compute the exponential smoothing forecasts. does a smoothing constant of .2 or .4 appear to provide more accurate forecasts based on MSE? explain.arrow_forwardConsider the following time series data: 1 2 3 4 5 6 7 26 15 22 14 21 25 17 PART 1.Compute MSE using the most recent value as the forecast for the next period and then calculate the forecast for month 8. PART 2.Compute MSE using the average of all the data available as the forecast for the next period. What is the forecast for month 8?arrow_forwardConsider the following time series data. Week 1 2 3 4 5 6 Value 18 13 16 11 17 14 a. Construct a time series plot. What type of pattern exists in thedata?b. Develop the three-week moving average forecasts for this timeseries. compute MSE and a forecast for week 7.c. Use α= .2 to compute the exponential smoothing forecasts for the time series. Compute MSE and a forecast for week 7.d. Compare the three-week moving average approach with theexponential smoothing approach using α = .2. Which appears to provide more accurate forecasts based on MSE? explain.e. Use a smoothing constant of α = .4 to compute the exponentialsmoothing forecasts. does a smoothing constant of .2 or .4 appearto provide more accurate forecasts based on MSE? explain.arrow_forward
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