Use the Data Given Below to Answer the Following Question(s)

question 15

Multiple Choice

Use the data given below to answer the following question(s) .
The table below shows the industrial lathe sales from the years 2000-2005.The forecaster uses the regression method to determine the forecast for the future.
-For the data given above,the forecast for the year 2003 is approximately close to ________.

• A)5,699 units
• B)5,322 units
• C)4,945 units
• D)6,076 units

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Definitions:

Level

The magnitude or position on a scale, often used to describe the intensity or degree of a certain variable in data analysis.

Trend

A general direction in which something is developing or changing, often identified through analysis of data over time.

Double Forecasting Model

A predictive analysis technique that utilizes two different forecasting methods to improve the accuracy of future predictions.

Seasonal Additive Model

An approach in forecasting that considers and adds seasonal components to predict trends and patterns.