A company sells Wielding generators. The demand for periods 1 to 9 is 44, 52, 50, 54, 55, 55, 60, 56, and 62. Develop a regression forecasting equation and forecast sales for period 15 c) What is forecasting error? Compute the MAD and MSE using the following data and comment on the accuracy of the forecasting Period Actual Forecast 1 217 215 2 213 216 3 216 215 4 210 214 5 213 211 219 214 7 216 217 8 212 216
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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