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-Year | 2016 | 2017 | 2018 | 2019 |
January | 1,618 | 1,536 | 1,421 | 1,294 |
February | 877 | 841 | 859 | 816 |
March | 869 | 857 | 884 | 835 |
April | 859 | 879 | 860 | |
May | 928 | 931 | 937 | |
June | 863 | 854 | 877 | |
July | 837 | 819 | 851 | |
August | 1,674 | 1,524 | 1,514 | |
September | 1,214 | 1,147 | 1,136 | |
October | 865 | 839 | 891 | |
November | 892 | 853 | 918 | |
December | 1,406 | 1,307 | 1,409 |
c. Which forecasting model is appropriate based on the data for the total U.S. bookstore sales? Regression Analysis / Simple Exponential Smoothing / Simple Moving Average
d. Evaluate a seasonally adjusted trend forecasting model. What is the MAD? (Round your answers to 4 decimal places.)
Month Number | $ Sales (Millions) | Period | Trend | Index | Forecast | Absolute Error | ||
1 | 1,618 | 1 | ||||||
2 | 877 | 2 | ||||||
3 | 869 | 3 | ||||||
4 | 859 | 4 | ||||||
5 | 928 | 5 | ||||||
6 | 863 | 6 | ||||||
7 | 837 | 7 | ||||||
8 | 1,674 | 8 | ||||||
9 | 1,214 | 9 | ||||||
10 | 865 | 10 | ||||||
11 | 892 | 11 | ||||||
12 | 1,406 | 12 | ||||||
1 | 1,536 | 13 | ||||||
2 | 841 | 14 | ||||||
3 | 857 | 15 | ||||||
4 | 879 | 16 | ||||||
5 | 931 | 17 | ||||||
6 | 854 | 18 | ||||||
7 | 819 | 19 | ||||||
8 | 1,524 | 20 | ||||||
9 | 1,147 | 21 | ||||||
10 | 839 | 22 | ||||||
11 | 853 | 23 | ||||||
12 | 1,307 | 24 | ||||||
1 | 1,421 | 25 | ||||||
2 | 859 | 26 | ||||||
3 | 884 | 27 | ||||||
4 | 860 | 28 | ||||||
5 | 937 | 29 | ||||||
6 | 877 | 30 | ||||||
7 | 851 | 31 | ||||||
8 | 1,514 | 32 | ||||||
9 | 1,136 | 33 | ||||||
10 | 891 | 34 | ||||||
11 | 918 | 35 | ||||||
12 | 1,409 | 36 | ||||||
1 | 1,294 | 37 | ||||||
2 | 816 | 38 | ||||||
3 | 835 | 39 |
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.)
Average monthly trend in book-store sales ____ million dollars 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. When are book sales the highest? The month that book sales the highest is ____.
f-3. When are book sales the lowest? The month that book sales the lowest is ____.
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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