[See Steps] Given the data below: Plot the data on U.S. general aviation shipments. Describe the pattern and discuss possiblecauses. Would a fitted trend be
Question: Given the data below:
- Plot the data on U.S. general aviation shipments.
- Describe the pattern and discuss possiblecauses.
- Would a fitted trend be helpful? Explain.
- Make a similar graph for 1992–2003 only. Would a fitted trend be helpful in making a prediction for 2004?
- Fit a trend model of your choice to the 1992–2003 data.
- 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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