SCENARIO 16-4 the Number of Cases of Merlot Wine Sold by a by a Paso

question 10

Multiple Choice

SCENARIO 16-4
The number of cases of merlot wine sold by a Paso Robles winery in an 8-year period follows.
-Referring to Scenario 16-3,suppose the last two smoothed values are 81 and 96 (Note: they are not) .What would you forecast as the value of the time series for September?

• A)81
• B)86
• C)91
• D)96

---

Definitions:

Confidence Interval

The interval estimate of the mean value of y for a given value of x.

Linear Regression Model

A statistical technique that models and examines the linear relationship between a dependent variable and one or more independent variables by fitting a linear equation to observed data.

Interval Estimate

An estimate of a population parameter that provides an interval believed to contain the value of the parameter. For the interval estimates in this chapter, it has the form: point estimate ± margin of error.

Regression Analysis

A set of statistical processes for estimating the relationships among variables, including a dependent variable and one or more independent variables.