Question
A textbook publishing company has compiled data on total annual sales of its business textbooks for the preceding eight years: Year: 1 2 3 4
A textbook publishing company has compiled data on total annual sales of its business textbooks for the preceding eight years:
Year: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
Sales(000): | 37.00 | 43.10 | 47.60 | 50.90 | 55.50 | 57.50 | 63.90 | 67.80 |
a-1.Select the correct data chart and fit an appropriate model to it.
Chart A | Chart B | Chart C |
(Click to select) Chart A Chart B Chart C
a-2.Forecast the preceding eight years, and determine the forecast errors.(Negative answers should be indicated by a minus sign. Do not round intermediate calculations and round your final answer to 2 decimal places.)
Year | Sales(000) | Forecast | Error | Error2 |
1 | 37.00 | |||
2 | 43.10 | |||
3 | 47.60 | |||
4 | 50.90 | |||
5 | 55.50 | |||
6 | 57.50 | |||
7 | 63.90 | |||
8 | 67.80 | |||
a-3.Construct 2scontrol limits.(Round the final answer to 2 decimal places.)
2scontrol limits are
b.Using the model, forecast textbook sales for each of the next five years.(Round the final answers to 1 decimal place.)
Year | Sales(000) | Forecast | Error |
9 | 74.30 | ||
10 | 76.00 | ||
11 | 83.20 | ||
12 | 87.30 | ||
13 | 92.50 | ||
c.Suppose actual sales for the next five years turn out as follows:
Year: | 9 | 10 | 11 | 12 | 13 |
Sales(000): | 74.30 | 76.00 | 83.20 | 87.30 | 92.50 |
Calculate the forecast errors for years 9 to 13. Is the forecasting process in control? (Click to select) Yes No
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