Practical Management Science
5th Edition
ISBN: 9781305250901
Author: Wayne L. Winston, S. Christian Albright
Publisher: Cengage Learning
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Chapter 14, Problem 34P
a)
Summary Introduction
To determine: The equation that would be used to predict the production cost per month.
Introduction:
b)
Summary Introduction
To determine: The way the regression line can be used to find whether the firm is efficient or inefficient.
Introduction: Forecasting is a technique of predicting future events based on historical data and projecting them into the future with a mathematical model. Forecasting may be an intuitive or subjective prediction.
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Students have asked these similar questions
The following time series represents the number of automobiles sold by a car dealership each of the past five months.
t
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2
3
4
5
Yt
7
12
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14
(a) Construct a time series plot.
What type of pattern exists in the data?
The time series plot shows a linear trend.The time series plot shows a horizontal pattern. The time series plot shows a seasonal pattern.The time series plot shows a nonlinear trend.
(b)
Use simple linear regression analysis to find the parameters for the line that minimizes MSE for this time series.
t =
(c)
What is the forecast for
t = 6?
Create a line graph for this set of monthly sales numbers.
Run a regression analysis.
What is the regression equation?
Is the regression equation significant? How can you tell?
What is the Rsquare? What does this signify?
What is the sales forecast for month 13?
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550
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548
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546
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549
5
550
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548
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551
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551
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552
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551
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553
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553
After graduation, you take a position at Top-Slice, a well-known manufacturer of golf balls. One of your duties is to
forecast monthly demand for golf balls. Using the following data, you developed a regression model that expresses
monthly sales as a function of average temperature for the month:
Monthly sales=-202.2+86.5x (average temperature)
Click the icon to view the additional data.
a. Show how the a and 6 values of -202.2 and 86.5 were calculated.
Calculate the slope coefficient, b (enter your responses as whole numbers).
(745)
12
12
2
=86.5
More Info
March 2017
April
May
June
July
August
September
October
November
December
January 2018
February
Monthly Sales
5,300
3,990
5,700
6,520
7,600
7,420
Print
6,710
4,870
3,990
3,900
3,320
2,670
Temperature
51
56
Done
64
80
79
87
83
67
58
41
39
40
X
Chapter 14 Solutions
Practical Management Science
Ch. 14.3 - Prob. 1PCh. 14.3 - Prob. 2PCh. 14.3 - Prob. 3PCh. 14.3 - Prob. 4PCh. 14.3 - Prob. 5PCh. 14.3 - Prob. 6PCh. 14.3 - Prob. 7PCh. 14.3 - Prob. 8PCh. 14.3 - Prob. 9PCh. 14.3 - Prob. 10P
Ch. 14.4 - Prob. 12PCh. 14.4 - Prob. 13PCh. 14.4 - Prob. 14PCh. 14.4 - Prob. 15PCh. 14.4 - Prob. 16PCh. 14.4 - Prob. 17PCh. 14.6 - Prob. 19PCh. 14.6 - Prob. 20PCh. 14.6 - The file P14_21.xlsx contains the weekly sales of...Ch. 14.6 - Prob. 22PCh. 14.7 - Prob. 23PCh. 14.7 - Prob. 24PCh. 14.7 - Prob. 25PCh. 14.7 - Prob. 26PCh. 14.7 - Prob. 27PCh. 14.7 - Prob. 28PCh. 14.7 - Prob. 29PCh. 14.7 - Prob. 30PCh. 14 - Prob. 31PCh. 14 - Prob. 32PCh. 14 - Prob. 33PCh. 14 - Prob. 34PCh. 14 - Prob. 35PCh. 14 - Prob. 36PCh. 14 - Prob. 37PCh. 14 - Prob. 39PCh. 14 - Prob. 40PCh. 14 - Prob. 41PCh. 14 - Prob. 42PCh. 14 - Prob. 43PCh. 14 - Prob. 44PCh. 14 - Prob. 45PCh. 14 - Prob. 46PCh. 14 - Prob. 49P
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