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Plotting Data and Forecasting

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14.16 (a) Plot the data on U.S. general aviation shipments. (b) Describe the pattern and discuss possible causes. (c) Would a fitted trend be helpful? Explain. (d) Make a similar graph for 1992-2003 only. Would a fitted trend be helpful in making a prediction for 2004? (e) Fit a trend model of your choice to the 1992-2003 data. (f) Make a forecast for 2004, using either the fitted trend model or a judgment forecast. Why is it best to ignore earlier years in this data set?

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Solution Summary

This solution plots a graph on the U.S. general aviation shipments and analyzes the trend with clear explanations. A linear regression graph is also produced to determine the correlation of the data.

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