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The accompanying data represent the yearly amount of solar power installed (in megawatts) in a particular area from 2000 through 2008. The trend forecasting equations
The accompanying data represent the yearly amount of solar power installed (in megawatts) in a particular area from 2000 through 2008. The trend forecasting equations below were found, where X is the number of years after 2000. Complete parts (a) through (d) below. Y = - 8.356 + 28.3667X; Y, = 24.65 + 0.072X; + 3.5368X, Click the icon to view the data table. X Yearly Amount of Solar Power Installed a. Compute the standard error of the estimate (Syx) for each model. Year Amount (megawatts) 2000 18 Linear Quadratic 2001 28 SYx 0 2002 46 (Round to three decimal places as needed.) 2003 72 2004 79 b. Compute the MAD for each model. 2005 100 2006 141 Linear Quadratic 2007 208 MAD 0 2008 254 (Round to three decimal places as needed.) c. On the basis of (a) and (b) and the principle of parsimony, which forecasting model would you select? The model with the values of Syx and MAD should be used, which is the model. Print Done
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