The Data Shown Below Contains the Monthly Sales (In Thousands

question 5

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?

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Definitions:

Fleshy Storage Leaves

Leaves that are modified to store nutrients and water, typically thicker and more succulent than ordinary leaves.

Male Gametophyte

The haploid stage in the life cycle of plants that produces sperm cells for fertilization.

Embryo Sac

The female gametophyte within the ovule of flowering plants, where fertilization occurs.

Adventitious Buds

These are buds that develop from an unusual place, not from the usual growth areas like the stem or branch nodes, often in response to stress or injury.