Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

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!)

image text in transcribedimage text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elementary Statistics Picturing The World

Authors: Ron Larson, Betsy Farber

6th Edition

9780321911216

Students also viewed these Mathematics questions