Essay
The data shown below contains the monthly sales (in thousands of dollars) at a local department store for each of the past 24 months. 
-(A) Develop a time series plot of the data.
(B) Perform a runs test and compute a few autocorrelations to determine whether this time series is random.
(C) Given your answers to (A) and (B), what type of forecast do you recommend? Explain your answer.
(D) Use your answer to (C), to obtain a forecast for the next quarter (4 months). How reliable do you think this forecast is?
Correct Answer:
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(A) 
(B) The data are clearly random. T...View Answer
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Correct Answer:
Verified
(B) The data are clearly random. T...View Answer
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Get Access to more Verified Answers free of charge
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