1. A small hospital is planning for future needs in its maternity wing. The data below show the number of births in each of the past eight years. (CLO3: 10 Marks) Yearfaiths Year airths 1 565 5615 2 590 6611 35837610 4 597 8623 a. Use simple linear regression to forecast the annual number of births for each of the next three years. (6 Marks) b. Determine the correlation coefficient for the data and interpret its meaning. (2 Marks) c. Find the coefficient of determination for the data and interpret its meaning. (2 Marks) 2. Suregrip Calculator Company (SCC) needs to estimate its sales for next year. The most recent six years of revenue data for the company's popular line of calculators are given below: (CLO3: 10 Marks) Sales Revenues Sales Revenues Year millions of dollars) Year milions of dollars 1 46.7 4 2 593 5 85.1 3 742 61 980 779 a. Assuming that the sales data above are representative of sales expected next year, use time series regression analysis to forecast next year's (Year 7's) sales revenues. (6 Marks) inium w 2. Suregrip Calculator Company (SCC) needs to estimate its sales for next year. The most recent six years of revenue data for the company's popular line of calculators are given below: (CLO3: 10 Marks) Sales Revenues Sales Revenge Year millions of dollars. Year millions of dollars 1 46.7 21 59.3 85.1 3 742 6 98.0 a. Assuming that the sales data above are representative of sales expected next year, use time series regression analysis to forecast next year's (Year 7's) sales revenues. (6 Marks) b. Determine the correlation coefficient for the data and interpret its meaning. (2 Marks) c. Find the coefficient of determination for the data and interpret its meaning. (2 Marks) 3 IPC's plant estimates weekly demand for its many materials held in inventory. One such part, the CTR 5922, is being studied. The most recent 12 weeks of demand for the CTR 5922 are: (CLO3: 2 Marks) Demand Demand Demand Demand Week (units) Week Cunits Wetsuits) Weck (units) 11694171721310 158 2227 5163 817511188 31766 1579 178 12 169 Use the moving average method of short-range forecasting with an averaging period of three weeks to develop a forecast of the demand for the CTR 5922 component in Week 13. (2 Marks) c. Would you recommend that Finley Heaters management use the forecast from Part a to plan facility expansion? Why or why not? What could be done to improve the forecast? (3 Marks) 5. The number of Texas tax auditors needed by the Internal Revenue Service varies from quarter to quarter. The past 12 quarters of data are shown below: (CLO3: 10 Marks) Year Quarter Auditors 1 1 2 3 4 2 1 2 132 139 136 140 134 142 140 139 135 137 139 141 3 4 3 1 2 3 4 a. Use moving averages to forecast the number of auditors needed next quarter if AP = 2, AP = 4, and AP = 6. (8 Marks) b. Which of these forecasts exhibits the best forecast accuracy over the past six quarters of historical data based on mean absolute deviation? (2 Marks) c. Would you recommend that Finley Heaters management use the forecast from Part a to plan facility expansion? Why or why not? What could be done to improve the forecast? (3 Marks) 5. The number of Texas tax auditors needed by the Internal Revenue Service varies from quarter to quarter. The past 12 quarters of data are shown below: (CLO3: 10 Marks) Year Quarter Auditors 1 1 2 3 4 2 1 2 132 139 136 140 134 142 140 139 135 137 139 141 3 3 4 1 2 4 a. Use moving averages to forecast the number of auditors needed next quarter if AP = 2, AP = 4, and AP = 6. (8 Marks) b. Which of these forecasts exhibits the best forecast accuracy over the past six quarters of historical data based on mean absolute deviation? (2 Marks)