Data Analysis and Forecasting

Data Analysis and
Forecasting

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK ..............................................................................................................................................3
Measures of Central Tendency:..................................................................................................3
Range:.........................................................................................................................................5
Standard Deviation and Variance:..............................................................................................5
Liner Forecasting Model:............................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
This report covers identification and application of various central tendency techniques
for summarising and analysing numerical data which will help in identification of authenticity in
the calculation of numerical figure and also in demonstration and analysis of 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 fuel of an individual for 10 months:
25, 15, 20, 25, 18, 20, 20, 20, 22, 15.
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: Mean is one of a central tendency measure which calculates the average point of
the complete data set. Mean is further classified into different categories, namely; arithmetic,