Data Analysis: Forecasting Demand Using Trend and Regression
VerifiedAdded on 2023/01/05
|6
|798
|54
Homework Assignment
AI Summary
This assignment focuses on forecasting demand using two primary data visualization methods: trend analysis and regression analysis. The assignment presents a dataset of monthly demand from 2014 to 2016, followed by forecasts for 2017 using both methods. Trend analysis, while showing a continuous increase in demand for 2017, is deemed less effective due to its inability to account for the fluctuations observed in historical data. Regression analysis, on the other hand, is presented as a more effective method, providing an equation to predict demand based on periods and demonstrating a positive relationship between periods and demand. The assignment includes calculations of the regression equation, and predicted demand values, while also emphasizing the need for caution in interpreting the results due to external factors. The assignment concludes by comparing the effectiveness of both methods and highlighting the importance of considering various influencing factors beyond the statistical models when making final decisions.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
1 out of 6