Using the average baseball salary data for Problem 16.18 on page 570 and Problem 16.30 on page
Question:
Using the average baseball salary data for Problem 16.18 on page 570 and Problem 16.30 on page 579 (stored in BBSalaries ),
Baseball salary data for Problem 16.18
a. perform a residual analysis for each model.
b. compute the standard error of the estimate (SYX)for each model.
c. compute the MAD for each model.
d. On the basis of (a) through (c) and the principle of parsimony, which forecasting model would you select? Discuss.
Transcribed Image Text:
Year Salary ($millions) Year Salary (Smillions) 2000 2001 2002 2003 2004 2005 2006 2007 1.99 2.38 2.58 2.49 2.63 2.83 2.92 2010 2011 2012 2013 2014 2015 3.13 3.26 3.27 3.32 3.38 3.62 3.81 4.25 9
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a bc d The residuals in the linear quadratic and exponential trend models show strings of con...View the full answer
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Related Book For
Statistics For Managers Using Microsoft Excel
ISBN: 9780134173054
8th Edition
Authors: David M. Levine, David F. Stephan, Kathryn A. Szabat
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