Homework Answers
Answer : The given options are evaluated as follows :
- Trend component - It shows the change in time series in the long run.It is a sustained long-term movement and hence, this option is the correct answer.
- Random variation - The residual components in time series data not explained by any other component . It is not consistent and sustained in the long run and hence, this option is rejected .
- Non-repetitive components - Irregular changes that are non-repetitive in nature and hence, this option is also rejected.
- Cyclical components - Long term changes based on changes in business cycle . Not related to sustained long-term movement and hence , this option is also rejected .
- Seasonal Components - Short term changes happening because of seasonal factors . Not related to long term changes and hence, this option is rejected .
Conclusion : “ Trend Component “ represents the correct answer .
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trend components.
b) Compare the time series decomposition forecasts with Holt
Winters. Within the sample, is the times series decomposition or
Holt Winters more accurate? Try to explain why. (see below for
data)
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