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

question 128

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 third-order autoregressive model?

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Definitions:

Percentage

A mathematical term describing a number or ratio expressed as a fraction of 100.

Outside Authority

A source of influence or control that is external to oneself or one's immediate environment.

Authoritarian

A governing or leadership style characterized by absolute or blind obedience to authority, often at the expense of personal freedom.

Right Decisions

Choices or judgments that lead to the most positive outcome based on ethical, practical, or personal considerations.