SCENARIO 16-13 Given Below Is the Monthly Time Series Data for U.S.retail

question 152

Short Answer

SCENARIO 16-13
Given below is the monthly time series data for U.S.retail sales of building materials over a specific year.
The results of the linear trend,quadratic trend,exponential trend,first-order autoregressive,second-order autoregressive and third-order autoregressive model are presented below in which the coded month for the 1^st month is 0:
Linear trend model:

Quadratic trend model:
Third-order autoregressive::

Below is the residual plot of the various models:

-Referring to Scenario 16-13,what is the p-value of the t test statistic for testing the appropriateness of the second-order autoregressive model?

---

Definitions:

Cross-functional Team

A group of individuals with varying expertise and skills across different departments, working together towards a common goal.

Network Structures

Refers to the organized arrangement of interrelated elements or nodes in a network, enabling communication and interaction within a system or organization.

Lean and Streamlined

Approaches or systems that are designed to maximize efficiency by eliminating waste and unnecessary processes.

Technology Control

The management and regulation of the development, application, and dissemination of technology.