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Several of the questions in this section, refer to the following monthly widget sales data, which we will refer to as widget sales. Month Sales
Several of the questions in this section, refer to the following monthly widget sales data, which we will refer to as widget sales. Month Sales in thousands Jan 5 Feb 6 March 5 Apr May 9 Jun 10 Jul 9 Aug 12 Sept 11 Oct 12 Nov 9 Dec 8 Question 1.1. Referring to the widget sales data, we wish to predict the next month's widget sales. What will that be with: (a) Naive, (b) Seasonal Naive, assuming seasonality follows an annual pattern, (c) Naive Difference, (d) AR(3) with no bias and coefficients 5, .4, 3, corresponding to lags 1,2 and 3, respectively. (e) AR(2) with a bias of 1 and coefficients .6 and .4
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