What is the difference between Time series data and Cross sectional data. What are the examples of each
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What is the difference between Time series data and Cross sectional data. What are the examples of each.
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- Under what conditions might a firm use multiple forecasting methods?The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?what are the Descriptive Statistics, Ordinal Scale and Dichotomous Variable? What are the differences among them?
- List and describe three time series models, and explain when would you use it? (be specific)Describe the various types of time-series and associative forecasting models. Which types of organizations are each of these most applicable to, and why?Identify and discuss the advantages and disadvantages of using existing data for secondary data analysis. Provide at least one example for each. In your opinion, do you think the advantages outweigh the disadvantages? Why or why not?
- Refer again to the gasoline sales time series data in the following table. Using a weight of 1/2 for the most recent observation, 1/3 for the second most recent, and 1/6 for third most recent, compute a three-week weighted moving average for the time series. Use rounded for two decimal places values for intermediate calculations. Use minus sign for negative values. Compute the MSE for the weighted moving average in part a. Do you prefer this weighted moving average to the unweighted moving average? Remember that the MSE for the unweighted moving average is 10.22. Round your answer to two decimal places. Suppose you are allowed to choose any weights as long as they sum to 1. Could you always find a set of weights that would make the MSE smaller for a weighted moving average than for an unweighted moving average? Why or why not?What is the connection between forecasting and quality control?Question 1. The dean of a school of business is forecasting total student enrollment for this year (2019)'s summer session classes based on the following historical data: YEAR TOTAL ENROLLMENT y 2,000 2,200 2,800 3,000 2015 2016 2017 2018
- Why is it important to match the form of the data that is entered to statistical technique used for analysis?What is the difference between structured approach and semi-structured approach when collecting data?What category of forecasting techniques uses managerial judgment in lieu of numerical data?