ail ridership during the summer months in the North-East is believed to be closely related to the number of tourists visiting the region. The following table shows the data on the number of tourists and North-East ridership for the past 16 years. Year Tourists( in millions) Rail Ridership (in millions) 2000 9 2.3 2001 4 1.9 2002 7 1.7 2003 5 1.8 2004 12 2.8 2005 13 2.9 2006 14 2.4 2007 20 4.8 2008 7 1.3 2009 5 1.1 2010 9 1.9 2011 11 2.1 2012 16 3.3 2013 14 2.8 2014 18 3.6 2015 17 3.2 a Develop a linear regression equation for rail ridership as a function of the average number of tourists visiting the North-East. b Forecast Rail ridership if the average number of tourists visiting the North-East is 19.2 million. c Evaluate the goodness of fit of the regression equation by computing the values of R2, r, and syx and interpreting the results.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Rail ridership during the summer months in the North-East is believed to be
closely related to the number of tourists visiting the region. The following table
shows the data on the number of tourists and North-East ridership for the past
16 years.
Year Tourists( in millions) Rail Ridership (in millions)
2000 9 2.3
2001 4 1.9
2002 7 1.7
2003 5 1.8
2004 12 2.8
2005 13 2.9
2006 14 2.4
2007 20 4.8
2008 7 1.3
2009 5 1.1
2010 9 1.9
2011 11 2.1
2012 16 3.3
2013 14 2.8
2014 18 3.6
2015 17 3.2
a Develop a linear regression equation for rail ridership as a
b Forecast Rail ridership if the average number of tourists
visiting the North-East is 19.2 million.
c Evaluate the goodness of fit of the regression equation by
computing the values of R2, r, and syx and interpreting the results.
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