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This data set represents timber production (in tons) for a small northwest company. (please provide explanations on the creations of the graphs and equations., thank
This data set represents timber production (in tons) for a small northwest company. (please provide explanations on the creations of the graphs and equations., thank you!)
Year 2016 2017 2018 2019 2020 Quarter 1 5 5.8 6.5 7.5 11 Quarter 2 12.5 13 15.8 19.5 23 Quarter 3 10.8 11 13.4 15 19.3 Quarter 4 11.6 12.4 14.3 17.1 22.8a. produce a time series graph of the data and discuss any patterns you observe. Label your graph appropriately. (5 points) b. In order to forecast for 2021, a model must be developed. Produce an appropriate model for this data based on patterns observed. Build a table with the models attempted. In your table report the R"2 value and the error metric used to compare models (this will justify your choice of a model) State the model you will use to forecast, with coefficients below Table 1. Label this as Equation 1. (10 points) c. Forecast for 2021 using your model (be sure to report the forecasts in a table in your report) and produce a graph with the data and your forecast for 2021. Discuss RAZ, the p-values, and other statistics that can illustrate the appropriateness of your model. (10 points) d. What is the MAE for your model? Does this seem reasonable? Does it indicate a good or bad model? Use appropriate units in your answer. (5 points)Step by Step Solution
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