Linear Trend - Multiple Regression The average price per gallon of gasoline in major U.S. cities for
Question:
Linear Trend - Multiple Regression
The average price per gallon of gasoline in major U.S. cities for each month during the years 1999-2001 are shown in the table below:
Month | 1999 | 2000 | 2001 |
January | 0.972 | 1.301 | 1.472 |
February | 0.955 | 1.369 | 1.484 |
March | 0.991 | 1.541 | 1.447 |
April | 1.117 | 1.506 | 1.564 |
May | 1.178 | 1.498 | 1.729 |
June | 1.148 | 1.617 | 1.640 |
July | 1.189 | 1.593 | 1.482 |
August | 1.255 | 1.510 | 1.427 |
September | 1.280 | 1.582 | 1.531 |
October | 1.274 | 1.559 | 1.362 |
November | 1.264 | 1.555 | 1.263 |
December | 1.298 | 1.489 | 1.131 |
Forecast the average gasoline price for January 2002 using linear trend analysis.
- What is the linear equation that best fits the data?
- Graph the data.
- What is the forecast for the average gasoline price for January 2002?
- What is the MAPE for this method?
- Isthismethodmoreaccuratethanexponentialsmoothingforthisdataset?
Need to use excel om/qm the software provided as an excel plugin any one can download. http://wps.prenhall.com/bp_heizer_opsmgmt_10/147/37737/9660837.cw/index.html
I completed 1st 3 questions but stuck with this one.
http://wps.prenhall.com/bp_heizer_opsmgmt_10/147/37737/9660837.cw/index.html
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