Use This Information to Answer the Following Questions -Refer to the Table Above

question 43

Essay

Use this information to answer the following questions.
The following time series represent the total population of the United States,in thousands,over the last 12 years.
$$\begin{array} { | c | c | } \hline \text { Year } & \text { Population (in 000s) } \\\hline 1991 & 253,493 \\\hline 1992 & 256,894 \\\hline 1993 & 260,255 \\\hline 1994 & 263,436 \\\hline 1995 & 266,557 \\\hline 1996 & 269,667 \\\hline 1997 & 272,912 \\\hline 1998 & 276,115 \\\hline 1999 & 279,295 \\\hline 2000 & 282,434 \\\hline 2001 & 285,545 \\\hline 2002 & 288,600 \\\hline\end{array}$$
-Refer to the table above.Using Solver to find the optimal alpha that minimizes MAD,use exponential smoothing to forecast the population of the United States in 2003.

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Definitions:

Degrees Of Freedom

The count of the number of values in a calculation that are free to vary without infringing on the given data.

T-Distribution

A probability distribution that arises in the sampling distribution of sample means, especially useful when the sample size is small and the population standard deviation is unknown.

Normal Distribution

A bell-shaped curve where a large number of data points are symmetrically distributed around the mean, with fewer and fewer observations the further away from the mean.

Point Estimate

A single value or statistic that serves as the best guess or most reasonable approximation of a population parameter.