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Forecasting electrical consumption. Two different methods

Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich ISBN: 9780321826237 51

Solution for problem 56E Chapter 9

Statistics for Business and Economics | 12th Edition

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Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich

Statistics for Business and Economics | 12th Edition

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Problem 56E

Problem 56E

Forecasting electrical consumption. Two different methods of forecasting monthly electrical consumption were compared and the results published in Applied Mathematics and Computation (Vol. 186, 2007). The two methods were Artificial Neural Networks (ANN) and Time Series Regression (TSR). Forecasts were made using each method for each of 4 months. These forecasts were also compared to the actual monthly consumption values. A layout of the design is shown in the accompanying table. The researchers want to compare the mean electrical consumption values of the ANN forecast, TSR forecast, and Actual consumption.

a. Indentify the experimental design employed in the study.

b. A partial ANOVA table for the study is provided on the next page. Fill in the missing entries.

c. Use the information in the table to conduct the appropriate ANOVA F-test using α = .05. State your conclusion

in the words of the problem.

Step-by-Step Solution:
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MKTG – 4135-0F – Buyer Behavior Consumer Behavior Perspectives:  Understanding the meaning of consumption and behavior  Human thought and action and the field of study  Consumer behavior is the set of value seeking activities that take place as people go about addressing realized needs The Basic Consumption Process  Need Want Exchange Costs and Benefits Reaction Value Consumption:  Process by which goods, services or ideas are used and transformed into value Consumer Behavior as a Field of Study  Consumer behavior is the science of studying how consumers seek value to address real needs o Economics, Psychology, Marketing, Other Disciplines

Step 2 of 3

Chapter 9, Problem 56E is Solved
Step 3 of 3

Textbook: Statistics for Business and Economics
Edition: 12
Author: James T. McClave, P. George Benson, Terry T Sincich
ISBN: 9780321826237

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Forecasting electrical consumption. Two different methods