[See Solution] Lowcost Superstore is open seven days every week. The following numbers of customers (to the nearest thousand) visited the store each day over a
Question: Lowcost Superstore is open seven days every week. The following numbers of customers (to the nearest thousand) visited the store each day over a three week period in September:
- Compute the average and variance of the number of customers per day.
- Draw a frequency distribution or histogram for the data (use at least 4 bins).
- Use the data to compute the 90% confidence interval for the expected average customers per day.
- Separate out the time series into the trend and seasonal components using a moving average, compute the average seasonal adjustment for Thursday and forecast next Thursday's customer count.
- Your boss asks you to use the data above to forecast daily sales for January next year. What is your response?
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