The following data contains the annual revenue of a convenient store in thousand dollars.
Our goal is to predict the revenue for the following 4 years.
(a) Which time series forecasting method would be the best (select one)? Explain your answer.
(b) Build the model you choose using StatTools. If your model has parameters such as a span or smoothing constants, select appropriate values by manually tuning them.
1. Display the regression output as 'P5 Forecasting' in your Excel file.
2. Fill in the table below with your predictions.
3. Discuss the overall performance of you model.
Note: You may use all data for training or split the data to validate your model.- Need to show me how to arrive at answer not just the answer - Steps by steps