31 May Question Details: Access the “Entrepreneurship and the U.S. Economy” page of the Bureau of Labor
Question
Details:
Access the “Entrepreneurship and the U.S. Economy” page of the Bureau of Labor Statistics website (https://www.bls.gov/bdm/entrepreneurship/entrepreneurship.htm) and complete this forecasting assignment according to the directions provided in the “Forecasting Case Study: New Business Planning” resource.
Use an Excel spreadsheet file for the calculations and explanations. Cells should contain the formulas (if a formula was used to calculate the entry in that cell). Students are highly encouraged to use the Excel resource, “Forecasting Template,” to complete this assignment.
Mac users can use StatPlus:mac LE, free of charge, from AnalystSoft.
Prepare the assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.
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Forecasting Case Study: New Business Planning
Important Note: Students must access the “Entrepreneurship and the U.S. Economy” page of the Bureau of Labor Statistics websitein order to completethis assignment.
Scenario
The generation of new business start-up is vital to the growth of the economy as it builds new jobs and creates new opportunities for the community. The Bureau of Labor Statistics tracks new business development and jobs created on the website for the United States Department of Labor. You have been tasked with forecasting economic growth and decline patterns for new businessesin the United States.
Forecasting
Access the “Entrepreneurship and the U.S. Economy” page of the Bureau of Labor Statistics website. Under the “Business establishment age”heading, the first chart reviews new businesses less than1year old during the March 1994to March 2015 period. Click on the [Chart data] link below the chart:
Once the chart data window opens, you will see the number of establishmentsthat are less than 1 year oldfor each year during this period:
Using the five most recent years and the “Forecasting Template” spreadsheet provided, complete the forecasts for the next two periods and provide updated Totals and Average Bias, median absolute deviation (MAD), mean squared error (MSE), and mean absolute percentage error(MAPE) for all four charts. Provide a Summary Page in Excel with a 500-750 word report on the analysis completed by the forecasting models. Include review of error, recommendations on the best forecasting model to use, and analysis of the business trend data for new business startup in the United States.
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