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

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.

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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