Question
The following data report total, monthly U.S. book-store sales in millions of dollars from January 2016 to March 2019. (Go to https://www.census.gov/retail/index.html#mrts, find Monthly Retail
The following data report total, monthly U.S. book-store sales in millions of dollars from January 2016 to March 2019. (Go to https://www.census.gov/retail/index.html#mrts, find "Monthly Retail Trade Report," then select "Time Series/Trend Charts" to find the data for the total U.S. bookstore sales.)
Month | 2016 | 2017 | 2018 | 2019 |
January | 1618 | 1536 | 1421 | 1294 |
February | 877 | 841 | 859 | 816 |
March | 869 | 857 | 884 | 835 |
April | 859 | 879 | 860 | |
May | 928 | 931 | 936 | |
June | 863 | 854 | 877 | |
July | 837 | 819 | 851 | |
August | 1674 | 1524 | 1514 | |
September | 1214 | 1147 | 1136 | |
October | 865 | 839 | 891 | |
November | 892 | 853 | 918 | |
December | 1406 | 1307 | 1409 |
c. Which forecasting model is appropriate based on the data for the total U.S. bookstore sales? Appropriate model = (Regress, Simple exponential smoothing, or Simple moving average)
d. Evaluate a seasonally adjusted trend forecasting model. What is the MAD? (Round your answers to 4 decimal places.)
Month | 2016 | Trend | Index | Forecast | Absolute Error |
January | 1618 | ||||
February | 877 | ||||
March | 869 | ||||
April | 859 | ||||
May | 928 | ||||
June | 863 | ||||
July | 837 | ||||
August | 1674 | ||||
September | 1214 | ||||
October | 865 | ||||
November | 892 | ||||
December | 1406 | ||||
Month | 2017 | ||||
January | 1536 | ||||
February | 841 | ||||
March | 857 | ||||
April | 879 | ||||
May | 931 | ||||
June | 854 | ||||
July | 819 | ||||
August | 1524 | ||||
September | 1147 | ||||
October | 839 | ||||
November | 853 | ||||
December | 1307 | ||||
Month | 2018 | ||||
January | 1421 | ||||
February | 859 | ||||
March | 884 | ||||
April | 860 | ||||
May | 936 | ||||
June | 877 | ||||
July | 851 | ||||
August | 1514 | ||||
September | 1136 | ||||
October | 891 | ||||
November | 918 | ||||
December | 1409 | ||||
Month | 2019 | ||||
January | 1294 | ||||
February | 816 | ||||
March | 835 |
e. What is the average monthly trend in book-store sales? (Negative amounts should be indicated by a minus sign. Round your answer to 4 decimal places.) Ave Monthly trend in book-store sales = ______ mill/per month
f-1. What are the monthly indexes? (Round your answers to 4 decimal places.)
Month | Index |
1 | |
2 | |
3 | |
4 | |
5 | |
6 | |
7 | |
8 | |
9 | |
10 | |
11 | |
12 |
f-2. Which month are book sales the highest?
f-3. Which month are book sales the lowest?
g. Predict book sales for the next 9 months. (Round your answers to 4 decimal places.)
Year | Month | Forecast Sales |
2019 | April | |
2019 | May | |
2019 | June | |
2019 | July | |
2019 | August | |
2019 | September | |
2019 | October | |
2019 | November | |
2019 | December |
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