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please use the data to answer only question 3. please show all work in excel. The Vintage Restaurant on Captiva Island in Florida is owned
please use the data to answer only question 3. please show all work in excel.
The Vintage Restaurant on Captiva Island in Florida is owned and operated by Karen Payne. The restaurant just completed its third year of operation. To better plan for future growth of the restaurant, Karen needs to develop a system that will enable her to forecast food and beverage sales by month for up to one year in advance. The sales data in the Excel table shows the value of food and beverage sales ($1,000s) for the first three years of operation. Using this data, answer the following questions. Questions Perform an analysis of the sales data for the Vintage Restaurant. Prepare a report for Karen that summarizes your findings and forecasts. Include the following: 1. A time series plot. Comment on the underlying pattern in the time series. 2. Using the dummy variable approach, forecast sales for January through December of the fourth year (Hint: Use both linear trend and seasonal effects in your regression model.) 3. Assume that January sales for the fourth year turn out to be $295,000. What is your forecast error for this month? \begin{tabular}{|c|c|} \hline Month & Sales ($1,000s) \\ \hline 1 & 24 \\ \hline 2 & 23 \\ \hline 3 & 232 \\ \hline 4 & 178 \\ \hline 5 & 18 \\ \hline 6 & 140 \\ \hline 7 & 145 \\ \hline 8 & 152 \\ \hline 9 & 110 \\ \hline 10 & 130 \\ \hline 11 & 152 \\ \hline 12 & 206 \\ \hline 13 & 263 \\ \hline 14 & 238 \\ \hline 15 & 247 \\ \hline 16 & 193 \\ \hline 17 & 193 \\ \hline 18 & 149 \\ \hline 19 & 157 \\ \hline 20 & 161 \\ \hline 21 & 122 \\ \hline 22 & 130 \\ \hline 23 & 167 \\ \hline 24 & 230 \\ \hline 25 & 282 \\ \hline 26 & 255 \\ \hline 27 & 265 \\ \hline 28 & 205 \\ \hline 29 & 210 \\ \hline 30 & 160 \\ \hline 31 & 166 \\ \hline 32 & 174 \\ \hline 33 & 126 \\ \hline 34 & 148 \\ \hline 35 & 173 \\ \hline 36 & 235 \\ \hline \end{tabular} Step by Step Solution
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