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Need Help ASAP -3

  • From Mathematics, Data Analysis
  • Due on 02 May, 2021 10:56:00
  • Asked On 02 May, 2021 02:47:08
  • Due date has already passed, but you can still post solutions.
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  • Submit one Excel file with your answers for the following questions ((a)-(b)).
  • In your Excel file create two worksheets:
    • P5 Forecasting: the StatTools report of your forecasting model for part (b)
    • Answers: all answers for part (a) - (b)

The following data contains the annual revenue of a convenient store in thousand dollars.

Our goal is to predict the revenue for the following 4 years.

(a) Which time series forecasting method would be the best (select one)? Explain your answer.

  1. Moving average
  2. Simple exponential smoothing
  3. Double (Holt’s) exponential smoothing
  4. Triple (Holt-Winter’s) exponential smoothing
  5. Linear regression model
  6. Nonlinear regression model

 

(b) Build the model you choose using StatTools. If your model has parameters such as a span or smoothing constants, select appropriate values by manually tuning them.

1. Display the regression output as 'P5 Forecasting' in your Excel file.

2. Fill in the table below with your predictions.

3. Discuss the overall performance of you model.

Note: You may use all data for training or split the data to validate your model.

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