The following data report total, monthly U.S. gasoline sales in millions of dollars from January 2020 to
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The following data report total, monthly U.S. gasoline sales in millions of dollars from January 2020 to December 2021. (To find the data, go to the site https://www.census.gov/retail/index.html#mrts, find “Monthly Retail Trade Report,” then select “Time Series/Trend Charts.”)
a. Graph the data.
b. Based on the graph, describe the time series pattern.
c. For this time series, why is forecasting with a seasonally adjusted trend model appropriate?
d. Evaluate a seasonally adjusted trend forecasting model. What are the MAD and MAPE?
e. What are the monthly indexes?
f. Forecast sales for January, February, March, and April of 2022.
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Related Book For
Statistical Techniques In Business And Economics
ISBN: 9781265779696
19th Edition
Authors: Douglas Lind, William Marchal, Samuel Wathen
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