Data Analysis and Forecasting

Data Analysis and
Forecasting

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Measures of Central Tendency:..................................................................................................3
Range:.........................................................................................................................................6
Standard Deviation and Variance:..............................................................................................6
Liner Forecasting Model:............................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
In this report the author will identify and apply techniques for summarising and analysing
numerical data which will help him in identifying reasonableness in the calculation of answers
and also enable him to demonstrate and analyse techniques used for forecasting. This report will
focus on the measures of central tendency along with the use of linear regression for forecasting.
These points will be explained with the help of numerical example.
TASK
To calculate the measures of central tendency and linear regression the following data has
been taken:
Monthly expenditure on milk of an individual for 10 months:
25, 15, 20, 25, 18, 20, 20, 25, 22, 10.
Month Milk expenditure in GBP
1 25
2 15
3 20
4 25
5 18
6 20
7 20
8 25
9 22
10 10
Measures of Central Tendency:
Mean: It is one of a central tendency measure which help finding out the average point of
the complete data range. There also are multiple types of mean, namely; arithmetic, geometric
and harmonic mean. Arithmetic mean is found out by adding the numbers in the data set and