a. Please use simple linear regression to forecast the next 4 quarter demand. [You need to generate the regression report and calculate the next 4 quarters forecasting demand] b. Please write down the linear regression model. c. Based on the simple linear regression results, please answer the following questions: 1) What % of the variation in the data is explained by the model? 2) Is there a significant relationship between demand and quarter (significance level a=0.05)? (yes or no)
a. Please use simple linear regression to forecast the next 4 quarter demand. [You need to generate the regression report and calculate the next 4 quarters forecasting demand] b. Please write down the linear regression model. c. Based on the simple linear regression results, please answer the following questions: 1) What % of the variation in the data is explained by the model? 2) Is there a significant relationship between demand and quarter (significance level a=0.05)? (yes or no)
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
Operations Management
![The following table contains the demand from the last 12 months:
Quarter Sales
1
2
3
4
5
6
7
8
9
10
11
12
600
1550
1800
2100
2400
3100
2600
2905
3800
4500
4100
4900
a. Please use simple linear regression to forecast the next 4 quarter demand. [You need to
generate the regression report and calculate the next 4 quarters forecasting demand]
b. Please write down the linear regression model.
c. Based on the simple linear regression results, please answer the following questions: 1) What
% of the variation in the data is explained by the model? 2) Is there a significant relationship
between demand and quarter (significance level a=0.05)? (yes or no)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01d01b29-ede7-42ba-8dcd-8c0b18e94cc8%2F6ae73a09-92e4-4a9c-bcbb-e0c5d7e7ce71%2Fbrv8sid_processed.png&w=3840&q=75)
Transcribed Image Text:The following table contains the demand from the last 12 months:
Quarter Sales
1
2
3
4
5
6
7
8
9
10
11
12
600
1550
1800
2100
2400
3100
2600
2905
3800
4500
4100
4900
a. Please use simple linear regression to forecast the next 4 quarter demand. [You need to
generate the regression report and calculate the next 4 quarters forecasting demand]
b. Please write down the linear regression model.
c. Based on the simple linear regression results, please answer the following questions: 1) What
% of the variation in the data is explained by the model? 2) Is there a significant relationship
between demand and quarter (significance level a=0.05)? (yes or no)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 5 images
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.