Given the same data for the previous problem: a. Use Excel or some other statist

Question

Given the same data for the previous problem: a. Use Excel or some other statistical computer package to calculate the regression equation for the data. b. Use the regression equation to forecast the demand for period 9. A forecasting method resulted in the following forecasts shown by the data in the following table: a. Use the data to calculate the MAD. b. Find a regression equation for the demand data. c. Use the regression equation to forecast demand for period 11. d. Is the regression method preferred over the method used? Why or why not?

Explanation / Answer

3. a) Denoting demand as y and period as x:

From Excel,

The regression equation is:

y = 0.393x + 18.357

b) For period 9, x = 9:

y = 0.393(9) + 18.357

y = 21.894

y = 22    [Rounded off to the nearest whole number]

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