Question

The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1)...

The general fund budget (in billions of dollars) for a U.S. state for 1988 (period 1) to 2011 (period 24) follows.

Year Period Budget
($ billions)
1988 1 3.03
1989 2 3.29
1990 3 3.56
1991 4 4.41
1992 5 4.36
1993 6 4.61
1994 7 4.75
1995 8 5.15
1996 9 5.34
1997 10 5.66
1998 11 6.01
1999 12 6.20
2000 13 6.58
2001 14 6.75
2002 15 6.56
2003 16 6.88
2004 17 6.98
2005 18 7.65
2006 19 8.48
2007 20 8.57
2008 21 8.76
2009 22 8.43
2010 23 8.23
2011 24 8.86

(b)Develop a linear trend equation for this time series to forecast the budget (in billions of dollars). (Round your numerical values to three decimal places.)

Tt = ____

(c)What is the forecast (in billions of dollars) for period 25? (Round your answer to two decimal places.)

$____ billion

The following table shows a company's annual revenue (in billions of dollars) for 2009 to 2014.

Year Period (t) Revenue ($ billions)
2009 1 23.8
2010 2 29.3
2011 3 38.0
2012 4 50.2
2013 5 59.8
2014 6 66.8

(b) Develop a linear trend equation for this time series to forecast revenue (in billions of dollars). (Round your numerical values to three decimal places.)

Tt = _____

(c) What is the average revenue increase per year (in billions of dollars) that this company has been realizing? (Round your answer to three decimal places.)

$ ____ billion

Homework Answers

Answer #1

using minitab>stat>Time series>trend analysis

we have

Trend Analysis for Budget

Data Budget
Length 24
NMissing 0


Fitted Trend Equation

Yt = 3.038 + 0.25392×t


Accuracy Measures

MAPE 3.86548
MAD 0.23538
MSD 0.08389

(b)

Tt = 3.038 + 0.254×t

(c) the forecast (in billions of dollars) for period 25 is 3.038 + 0.254×25=

$9.39 billion

Ans ) using minitab>stat>Time series>trend analysis

we have

Trend Analysis for Revenue ($ billions)

Data Revenue ($ billions)
Length 6
NMissing 0


Fitted Trend Equation

Yt = 12.78 + 9.106×t


Accuracy Measures

MAPE 4.12246
MAD 1.46762
MSD 2.41990

(b)

Tt =12.78 + 9.106×t

(c) the average revenue increase per year (in billions of dollars) that this company has been realizing is

$ 9.106 billion

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