General stats problem
Question 1 (30 pts.): The Excel file attendance.xls contains the daily attendance data at a theme park for a period of four weeks in summer. The park manager wants to use these data to make forecasts for the following summer week.
a) Make a time-series plot of the data. Is there a trend? Is there seasonality in the data? What is the seasonality period? (5 pts.)
b) Fit a trend-seasonal model to the data and make forecasts for the 7 days of the next week. Do the forecasts appear reasonable? (5 pts.)
c) Fit only a seasonal model to the data and make forecasts for the next week. Do the forecasts appear reasonable? Which model would you choose? Answer based on the reasonableness of the forecasts and the MAPE values for the two models. (8 pts.)
d) Interpret the seasonal indexes for Saturday and Sunday from part (c) in words. Also explain what the deseasonalized (seasonally adjusted) series means. In particular, explain why in Week 2, although the Saturday attendance (12,714) was higher than the Sunday attendance (11,977), actually the theme park did better on Sunday than on Saturday. (12 pts.)
- Plain text response
- Attached file(s):
- 10861-Statistics.xls
- Your Information is Secure
- Best Online Academic Help Service
- Students find real academic Success
- Time series forecasting (seasonalized and deseasonalized) - A) Plot the data in 1982 dollars and find the least-squares trend line. What fraction of the variability in revenue is accounted for by the trend alone? B) Find the quarterly seasonal indices for ...
- Determine the trend for time series data - (See attached file for full problem description)
- All quarterly time series contain seasonality - All quarterly time series contain seasonality. True False
- Determine the seasonally adjusted sales - Team Sports, Inc. sells sporting goods to high schools and colleges via a nationally distributed catalog. Management at Team Sports estimates they will sell 2,000 Wilson Model A2000 catcher's mitts ne ...
- Statistics Study Guide - Questions 12 - 19 refer to the attachment : 12. A set of typical seasonal indexes is very useful in adjusting say, a sales series for seasonal fluctuations. The resulting sales series is called __ ...
