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The Following Table Shows the Annual Revenues (In Millions of Dollars)of

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The following table shows the annual revenues (in millions of dollars)of a pharmaceutical company over the period 1990-2011. The following table shows the annual revenues (in millions of dollars)of a pharmaceutical company over the period 1990-2011. The autoregressive models of order 1 and 2,y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + ε<sub>t</sub>,and y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + β<sub>2</sub>y<sub>t - 2</sub> + ε<sub>t</sub>,were applied on the time series to make revenue forecasts.The relevant parts of Excel regression outputs are given below. Model AR(1): Model AR(2): Compare Excel outputs for AR(1)and AR(2)and choose the forecasting model that seems to be better. The autoregressive models of order 1 and 2,yt = β0 + β1yt - 1 + εt,and yt = β0 + β1yt - 1 + β2yt - 2 + εt,were applied on the time series to make revenue forecasts.The relevant parts of Excel regression outputs are given below.
Model AR(1): The following table shows the annual revenues (in millions of dollars)of a pharmaceutical company over the period 1990-2011. The autoregressive models of order 1 and 2,y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + ε<sub>t</sub>,and y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + β<sub>2</sub>y<sub>t - 2</sub> + ε<sub>t</sub>,were applied on the time series to make revenue forecasts.The relevant parts of Excel regression outputs are given below. Model AR(1): Model AR(2): Compare Excel outputs for AR(1)and AR(2)and choose the forecasting model that seems to be better. The following table shows the annual revenues (in millions of dollars)of a pharmaceutical company over the period 1990-2011. The autoregressive models of order 1 and 2,y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + ε<sub>t</sub>,and y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + β<sub>2</sub>y<sub>t - 2</sub> + ε<sub>t</sub>,were applied on the time series to make revenue forecasts.The relevant parts of Excel regression outputs are given below. Model AR(1): Model AR(2): Compare Excel outputs for AR(1)and AR(2)and choose the forecasting model that seems to be better. Model AR(2): The following table shows the annual revenues (in millions of dollars)of a pharmaceutical company over the period 1990-2011. The autoregressive models of order 1 and 2,y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + ε<sub>t</sub>,and y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + β<sub>2</sub>y<sub>t - 2</sub> + ε<sub>t</sub>,were applied on the time series to make revenue forecasts.The relevant parts of Excel regression outputs are given below. Model AR(1): Model AR(2): Compare Excel outputs for AR(1)and AR(2)and choose the forecasting model that seems to be better. The following table shows the annual revenues (in millions of dollars)of a pharmaceutical company over the period 1990-2011. The autoregressive models of order 1 and 2,y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + ε<sub>t</sub>,and y<sub>t</sub> = β<sub>0</sub> + β<sub>1</sub>y<sub>t - </sub><sub>1</sub> + β<sub>2</sub>y<sub>t - 2</sub> + ε<sub>t</sub>,were applied on the time series to make revenue forecasts.The relevant parts of Excel regression outputs are given below. Model AR(1): Model AR(2): Compare Excel outputs for AR(1)and AR(2)and choose the forecasting model that seems to be better. Compare Excel outputs for AR(1)and AR(2)and choose the forecasting model that seems to be better.

Definitions:

Overhead Applied

The amount of overhead cost allocated to products or job orders based on the predetermined overhead rate, used for cost accounting purposes.

Machining Department

A specific division within a manufacturing facility where machining processes such as cutting, drilling, or milling are performed on workpieces to produce finished parts.

Overhead Rates

Ratios used to allocate indirect costs to products or services, based on a predetermined activity base such as labor hours or machine hours.

Machine-Hours

A measure of production time, referring to the total hours that machinery is operated in the manufacturing process.

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