Predicting forecast based on given trend line equation
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The following time series data represent the yearly amounts spent on advertising (in millions of dollars) by a large toy company:
23.3, 21.7, 22.7, 25.5, 22.7, 25.9
This series of data begins in year 1997(i.e., time period t=1 corresponds to 1997). Using regression analysis, a linear trend line of the form Tt=21.77 + 0.53t was fit to the data. Using this information, generate a forecast for the total yearly amount of money that will be spent on advertising in 2006.
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Solution Summary
This solution is comprised of a detailed step-by-step calculation and analysis of the given problem related to a time series analysis in EXCEL and provides students with a clear perspective of the underlying concept.
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