The data shown below contains the monthly sales (in thousands of dollars) at a local department...

The data shown below contains the monthly sales (in thousands of dollars) at a local department store for each of the past 24 months. Copy the data to Excel, perform a runs test, and compute a few autocorrelations to determine whether this time series is random. Give your conclusion by referring to the results of your runs test and autocorrelations (no need to try to attach the Excel output in this text box, just mention the specific values you refer to).

Month	Sales	Month	Sales
1	987	13	1080
2	1080	14	1002
3	975	15	968
4	1060	16	984
5	1030	17	1045
6	895	18	945
7	908	19	1025
8	1059	20	950
9	940	21	1004
10	1038	22	1075
11	1050	23	969
12	1030	24	1029

Expert Solution

The Sales autocorrelation output is:

The autocorrelation plot is:

The partial autocorrelation plot is:

Therefore, this time series is random from the plot.

milcah answered 5 days ago

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