Production and Operations Analysis, Seventh Edition
Production and Operations Analysis, Seventh Edition
7th Edition
ISBN: 9781478623069
Author: Steven Nahmias, Tava Lennon Olsen
Publisher: Waveland Press, Inc.
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Chapter 2.8, Problem 28P

a)

Summary Introduction

To determine: The graph from data of first six months of 2013 and to estimate the regression parameters -slope and intercept from that graph.

Introduction: Regression analysis is a forecasting method that specifically accounts for a trend in the data. It suits a straight line with a data set.

b)

Summary Introduction

To determine: The exact values of the intercept a and the slope b from the regression equation

Introduction: Regression analysis mainly accounts for a trend in data between dependent and explanatory variables. When applying regression analysis to forecasting problem, explanatory variable often corresponds to time and dependent variable to the series to be forecasted.

(c)

Summary Introduction

To determine: The forecasts obtained for July through December 2013 from the determined regression equation

Introduction: Forecasting is done based on previously observed data. Assuming first six months/periods of 2013 as baseline, forecasted values for rest periods of the year can be attained.

(d)

Summary Introduction

To explain: Reassessment on the forecasts made for July to December of 2013.

Introduction: The least square method assumes linear relationship between the variables.Linearity implies it can be illustrated as a straight row graphically. Linearity assumption may be violated in reality.

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