worksheet

Select Data column (e.g., Median Income)

Follow the instructions below using the Median Income data

Step 2: Click on the Data tab and Data Analysis.

Step 3: Select the Exponential Smoothing option.

Step 4: For the Input Range, specify the available data points. The data range in this example is B1:B11.

Our data range is B2:B45.

Step 5: Set the Damping Factor to 0.3. This shows for recent values (recent years revenue values) has given a weight of 70% and for relatively old values has a weight of 30%. (The more recent the data, the more important it is to the trend.)

Step 6: Since the column heading was selected in the Input Range, select the checkbox Labels.

Step 7: Now select the range where to display the output range. Select the next empty column, i.e., C2.

Step 8: Now, select Chart Output.

Step 9: Click on Ok to get the results. The chart will look like this:

Do not panic!

Wala!

Now, select Design at the top middle of the excel screen, then

select Add Chart Element

Select Chart Title >Above Chart> type in Median Household Income

Then the chart looks like this:

To Change Vertical Axis Values -- Change Value to Median Household Income

To Change Horizontal Axis Values -- Change Data Point to Years

To change Data Point to Years:

Select the Chart that you have created and navigate to the Axis you want to change.

Right-click the axis you want to change (Horizontal Axis) and navigate to Select Data and the Select Data Source window will pop up,

In the Horizontal (Category) Axis Label box, select Edit and place cursor in Axis label range, navigate to data sheet and click and drag A3 to A45

click OK

Then the chart looks like this:

Chart 1

How to Interpret the key results for Time Series Plot

II. Interpreting the Key Results for Time Series Plot

How to analyze TSA chart

Assigned readings are not going to help you analyze primary data. You must learn to do that yourself by researching how to analyze data. The author(s) have not seen your data, so they cannot help with the interpretation.

· Describe the trend that exist in your data.

What does it tell you about median income growth over the years?

The chart shows that there is a leveling of median household income beginning at point 35. (Normally, a chart will have data point, not years.) Look at the lower axis on the table below. Now, look at your data as see that the 35th point was 2011 and the 43rd point was 2019. What plausibly could have happened between 2011 and 2019 that would have dampened growth in median household income?

· Are there any outliers and/or sudden shifts? (hint, none exists)

· Are there any seasonal patterns or cyclic movements (hint, none exists)?

· Make sure that you support research with scholarly and/or biblical references in APA format.

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To create a preliminary visual forecast

1. Select the data that contains timeline series and values.

2. Go to Data > Forecast Sheet

3. Click the Create

Your actual data will be moved into a new sheet with the addition of a few columns, and the chart of your selection that matches what you have seen in the preview will be placed on this page.

You will need to expand your research beyond text authors’ comments, which normally are not specific enough to provide sufficient information to help you determine the significance and implications of the conclusions.

Make sure that you support research with scholarly and/or biblical references in APA format.

The assignment is due by 11:59 p.m. (ET) on Friday, July 9 - Classes End

Exponential Smoothing

Data Point

Value

Exponential Smoothing

Data Point

Value

Median Household Income

Data Point

Value

Microsoft Excel

Worksheet

$0$10,000$20,000$30,000$40,000$50,000$60,0001977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019Meddan Household IncomeYearsMedian Household IncomeActualForecast