" STAT 1400 Statistical Concepts for Business Name(s): Forecasting Practice 1. Plot the data below using your calculator's STATPLOT Time Series Plot (second icon in rst row). Put Year in L1 and Demand in L2, set the Window as shown, then GRAPH. Be sure to label your axes appropriately. 1 2 3 I1 5 E F IO . oumwnmmwmo I a. Comment on the trend, seasonality, and cycle. b. Can you identify any random variation? Explain. Columbus State Community College 2. The following give the number of hot dogs sold by Dogg's Food truck in the past 6 weeks: Week of Hot dogs Sold August 31 360 September 7 389 September 14 410 September 21 381 September 28 368 October 5 374 a. Forecast the demand for the week of October 12 using a 3-week moving average. Show your work. b. Compute the forecast for the week of October 12 using exponential smoothing with a forecast for August 31 of 360 and a = .2 Week of Hot dogs Sold Forecast (a = .2) August 31 360 360 September 7 389 September 14 -10 September 21 381 September 28 368 October 5 374 October 12 c. Compare forecasts with the original data, which forecasting model do you believe gives a better result? Explain. 23. The owner of a musical instrument distributorship thinks that demand for guitars may be related to the number of appearances by Maroon 5 during the previous month. The data collected is as shown: _-:Im 7 Maroon STV Appearances 7 6 n 5 3. Graph these data to see whether a linear equation might describe the relationship between the group's television shows and guitar sales. Label your graph appropriately. Hi-a .pm H 1! O 1\" , t___v_._,...'_...LL'1'~' H NO) t_.__l,..,_'._. r ._t 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Give the least-squares regression line to predict guitar sales from Maroon 5 TV appearances. What is your estimate for guitar sales if Maroon 5 performed nine times last month? What is the correlation coefcient (r) and interpret it in context