Data Analysis and Forecasting

Data Analysis and
Forecasting
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Table of Contents
Introduction......................................................................................................................................3
Tasks ...............................................................................................................................................3
P1 Measure of central tendency..................................................................................................3
P2 Linear forecasting model:- ....................................................................................................5
Conclusion ......................................................................................................................................7
Reference ........................................................................................................................................8
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Introduction
This report talks about the application of analysing the data which are about measure of
central tendency. There are three main tendencies which are mostly talked about mean, mode and
median. It also uses regression for forecasting and to identify its variable strength. All the above
point is solved with a numerical example.
Tasks
P1 Measure of central tendency
Measure of central tendency helps in identifying a single value that represent the entire
range. It helps in aiming to entire data with single value.
Mean: -
Mean is part of central tendency. It describes the data by identifying the average point of
the whole data range. Arithmetic, geometric and harmonic mean are the three type of mean. It is
mostly called the average of the range. It can be identified in the discrete series and continuous
series (Bagheri and et. al., 2020). Mean sometimes affected by the high value is introduced in the
data range. The mean shows that sum of all the values and divided by the number of values in the
data. It is often called in the statistical languages n.
N = Number of Item
Mean(x̅ ) = x +x1 x2 + x3 + x4.........Xn / n
= 25 + 13 + 18 + 25 + 12 + 17 + 17 + 25 + 8 + 10 / 10
= 170/ 10
= 17 /-
17 /- is the mean or average value for the whole range.
Median: -
Median shows mid value of the statistical discrete series data. It is sorted in ascending
order and two mid x value are selected and divided by two. It used to get familiar with the mid
value of the statistical data. It can be used in both type of series like discrete or continuous (Xiao
and et. al., 2021).
Month(X) Expense(y) Cumulative Frequency
9 8 8
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