The component in a time series that reflects a long-term, ...

[skymedlock]

The component in a time series that reflects a long-term, relatively smooth pattern or direction exhibited by a time series over a long time period (more than one year) is called the:
 
  A) trend component.
  B) cyclical component.
  C) seasonal component.
  D) irregular component.

Question 2

For the following three samples, for which sample is the data most closely grouped about the sample mean? Give a written explanation that supports your conclusion.
 
  Sample 1: 15, 16, 19, 21, 28;
  Sample 2: 44, 49, 50, 51, 57; and
  Sample 3: 122.8, 123.7, 124.6, 130.5, 135.8.

[gabrielle_lawrence]

Answer to Question 1

A

Answer to Question 2

Since the coefficient of variation, CV, measures relative dispersion about the mean, we first compute the x-bar and s of each sample: x-bar1 = 19.8 and s1 = 5.17, CV1 = 26.11; x-bar2 = 50.2 and s2 = 4.66, CV2 = 9.28; x-bar3 = 127.48 and and s3 = 5.54, CV3 = 4.35. Sample 3 has the smallest CV and the data most closely grouped about its mean.