Question: A textbook publishing company has compiled data on total annual sales of its business textbooks for the preceding eight years: Year: 1 2 3 4
A textbook publishing company has compiled data on total annual sales of its business textbooks for the preceding eight years:
Year:
Sales:
a Select the correct data chart and fit an appropriate model to it
Chart A Chart B Chart C
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a Forecast the preceding eight years, and determine the forecast errors. Negative answers should be indicated by a minus sign. Do not round intermediate calculations and round your final answer to decimal places.
Year Sales Forecast Error ErrorLambda
a Construct s control limitsRound the final answer to decimal places.
s control limits are pm
b Using the model, forecast textbook sales for each of the next five years. Round the final answers to decimal place.
Year Sales Forecast Error
c Suppose actual sales for the next five years turn out as follows:
Year:
Sales:
Calculate the forecast errors for years to Is the forecasting process in control?
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