Plot the dataon U.S. general aviation shipments (b) Describe the patterns and discuss possible causes.(c) Would a fitted trend be helpful? Explain. (d) Make a similar graph for 1992-2003 only. Would a fitted trend be helpful in making a prediction for 2004? (e) Fit a trend model of your choice to the 1992-2–3 data (f) make a forecast for 2004, using either the fitted trend model or a judgement forecast. Why is it best to ignore earlier years in this data set?
A complete, neat and step-by-step solution is provided in the attached Excel file with brief discussion, calculations and interpretation of the results.