The following problem is concerned with Regression with Time Series Data (Chapter 8) of Business Forecasting Methods 9th edition.
ABC Corporation is developing a forecasting model for the projection of future sales, the manager has chose Average Weekly Earning and Consumer Price Index as possible predictor variables.
- (1) Conduct regression analysis on Sales versus Average Weekly Earning & Consumer Price Index. Should include Durbin-Watson Statistics.
- (2) Explain the results. You need to go over the meanings of all values in the output table and draw conclusions. Must show sufficient analysis of results.
- (3) Forecast sales for Year 2018.
I have attached the document where you will find the information that I will be analyzing. I am having a hard time figuring out what to do with the CPI, and whether I need to use it for adjusting the sales in millions and average weekly sales.
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