Recent content by msoe414

  1. M

    Binomial Theorem

    I'm trying to do this following below in R: The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs (cleaning, bathroom items, etc.) each night a room is occupied. For each reservation accepted, there is a 5% chance...
  2. M

    Time Series modeling --criteria

    Give criteria for aiding in the choice of a “best” time series model when two or more such models are available. What is, arguably, the most important criterion? I think that for the above, isn't the AIC, BIC the most arguable? I would look at autocorrelation plots, but I am trying to see what...
  3. M

    Time Series Analysis

    Well, I have my own draft, but hoping if you can please explain them. I'm trying to learn. Thanks!
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    Time Series Analysis

    Describe what role Exploratory Data Analysis (EDA) has in the application of time series modeling. Include: (a) Why is testing for a normal distribution important? (b) Why is testing for skew and kurtosis important? (c) What role does hypothesis testing play? (d) What distribution is used for...
  5. M

    Regression Analysis

    I was working through the following set and needed some clarity on them. I attempted these questions (with my answers below) but need help to see which ones might be incorrect and if so, WHY Thanks (1) Linear regression assumes: a. The relationship between X and Y is a straight line...
  6. M

    Regression Analysis

    I'm trying to better understand linear regression by the following questions. (1) Linear regression assumes: a. The relationship between X and Y is a straight line. b. The residuals are normally distributed. c. The residuals are homoscedastic. d. Both homoscedastic and...