Demand 7 9 5 11 10 13 The least squares regression equation that shows the best relationship between demand and period is (round your responses to two decimal places): where y = Demand and x = Period.
Demand 7 9 5 11 10 13 The least squares regression equation that shows the best relationship between demand and period is (round your responses to two decimal places): where y = Demand and x = Period.
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...
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Transcribed Image Text:Given the following data, use least squares regression to derive a trend equation:
Period
1
2
3
4
6.
Demand
7
11
10
13
The least squares regression equation that shows the best relationship between demand and period is (round your responses to two decimal places):
V =
+
X,
where y
= Demand and x = Period.
Transcribed Image Text:Only answer question a. Please use the Excel Spreadsheet to solve
the problem. Please email me the file. You should have the following.
1. Regression results (table) 2. Plot the graph 3. Add the trend line 4.
Have the equation on the graph 5. Show how you do the forecasting
Expert Solution
Step 1 Introduction:
To get the relationship between demand and period, here, first, I would determine the intercept and slope values, the least square forecast equation would be = (Intercept + (slope*period or t)
or we could write as the forecast of the demand data= (Intercept + (slope*period)
These Intercept and slope are calculated using the excel formula and I have shown in the next section.
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