What is the impact of using a time series for analysis? You manager wants to know. You have been tasked to research time series analysis use and report your results to the manager.
BIAM300 Managerial Applications of Business Analytics
Week 7 Lab
Scenario:
What is the impact of using a time series for analysis? You manager wants to know. You have been tasked to research time series analysis use and report your results to the manager. You have RStudio as a tool to do your research and complete some examples of time series use. Time to get started.
Software Used: RStudio and MS Word
Deliverable: MS Word with RStudio results both located in the Azure virtual lab environment
Step 1: RStudio
Go to the Azure virtual lab environment and navigate to RStudio. Select the icon to open the software.
Complete R-Practice 7.3.1 using RStudio. Change the numbers, at least two or three numbers, in the second row of the code. Take a screen print of your code and the resulting chart. Paste the screen print into a new MS Word document.
Step 2: Complete R-Practice 7.3.2
Using RStudio. Change the numbers, at least two or three numbers, in the second row of the code. Take a screen print of your code and the resulting chart. Paste the screen print into a new MS Word document.
Step 3: Complete R-Practice 7.4.2 Using RStudio.
Change the numbers, at least two or three numbers, in the second row of the code. Take a screen print of your code and the resulting chart. Paste the screen print into a new MS Word document.
Step 4: Report to Manager
When reporting to your manager, discuss the following details.
What information can your manager get from using a time series analysis?
Give real-world examples of how regression analysis and time series might be used.
Discuss the pros and cons of using a time series analysis.
Step 5: Submit Work
Save and submit your MS Word file with three screen prints of the altered code for time series and report to the manager.
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