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Assignment on Statistics Sample
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Added on 2021-05-27
Assignment on Statistics Sample
Added on 2021-05-27
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Running head: STATISTICSStatisticsUniversity NameStudent NameAuthors’ Note
2STATISTICSTable of ContentsSolution to Answer 1:.................................................................................................................2Solution to Question 2:...............................................................................................................6Solution to Question 3:...............................................................................................................7Solution to Question 4:.............................................................................................................12References................................................................................................................................14
3STATISTICSSolution to Answer 1:Varied steps involved in the procedure of carrying out forecasting are hereby mentionedbelow:Explanation of the 1st Method: Change of AverageThe first as well as foremost step involved in forecasting is particularly plotting the definitedata prior to any application of any technique of prediction mechanisms. Based on theplotting of the specific data, a definite trend can be witnessed. Essentially, the mechanisms ofthe average change can necessarily be illustrated using the following steps explained hereinbelow:Stage 1 refers to computation of the change/alteration every monthStage 2 refers to computation of average alteration every monthStage 3 refers to computation of the specific mid-point of the acquired data. In case if thetotal number of data is particularly even in number, then in that case, the mid point can bedetermined by the formula (n+1)/2, in which “n” stands for the total number of data.However, in case if the total number of data is essentially odd in number, then in that case,the mid-point can be ascertained by using the formula: n/2 (Mead, 2017).Stage 4 indicates towards computation of the forecast for specified or given month. This canbe enumerated by the formula: Average visits per month + (Average change per month) X (mid-point of the data)Explanation of the 2nd Method: Confidence Interval
4STATISTICSConfidence interval refers to a mechanism that presents a specific level of interval for theprediction (Mertler & Reinhart, 2016). In this case, the prediction is founded on confidenceinterval of particularly 95%. In itself, confidence interval of 95% is presented as averageamount ±1.96 x (SD) standard deviation]Stage 1 of this method includes computation of the mean as well as standard deviationStage 2 of this particular method refers to ascertainment of the confidence interval (that is 95% Confidence Interval = average visits ± 1.96 X (SD) standard deviation of totalvisitsExplanation of the 3rd Method: Average change of percentage This specific method is on the groundwork of calculation of percentage change of average.Various steps involved in this process are hereby mentioned below:Step 1 refers to change from prior methods and thereafter divided by the value obtained fromthe prior method (Mertler & Reinhart, 2016)Step 2 includes enumeration of the percentage alterationStep 3 refers to enumeration of average of change in percentageFinally Step 4 indicates towards determination of the forecasted figure. This forecasted figureis calculated by using the following formula: Latest Month+ Average change in percentage X Most Current MonthExplanation of the 4th Method: Moving Average MethodThere is need to make use of historical data using moving average. Various steps involved inthe process of enumeration of moving average method include the following:
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