A Time Series Analysis Was Performed to Determine the Number

question 64

Multiple Choice

A time series analysis was performed to determine the number of new online customers that joined the 'Jelly of the Month Club'. The actual number of new customers,the forecast values and error terms is presented in the following table. The mean error (ME) for this forecast is ___________.

• A) -0.50
• B) 0.50
• C) 1.50
• D) 7.00
• E) 3.00

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Definitions:

Population Variances

A measure of the degree to which numerical data in a population are spread out, representing the average of the squared differences from the Population Mean.

Chi-Square Statistic

A measure used in statistics to evaluate the goodness of fit between observed values and those expected theoretically.

Confidence Interval

A span of numbers, obtained from statistics of a sample, expected to encompass the value of an unspecified population metric.

Mean Difference

The average difference between two sets of numerical data, often used in statistical analysis to determine the significance of results.