3) Part of Evan's role as inventory manager is to monitor the facility's supply of parts...
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3) Part of Evan's role as inventory manager is to monitor the facility's supply of parts to determine if additional production is required. Suppose he is particularly interested in forecasting the supply of a radiator six months after its production. To do so, he evaluates the following data: # of months since production # of radiators in stock 3 139 a) Calculate the mean number of radiators in stock over the last five months. 1 300 2 186 4 91 e) Interpret the slope as it pertains to this problem. 5 48 b) Calculate the standard deviation for the number of radiators in stock over the last five months. The correlation coefficient and regression equation for the data are r=0.9748 and y=332.5-59.9x. c) Identify the independent variable as it pertains to this problem: d) Use the provided information to describe the relationship between the bivariate data. Support your answer appropriately. f) Determine how well the regression equation explains the data. i.e., What proportion of variation in the response can be explained by the independent variable? Is this good? g) Will there be enough radiators in stock to meet demand in the sixth month after production? Support your answer appropriately. 3) Part of Evan's role as inventory manager is to monitor the facility's supply of parts to determine if additional production is required. Suppose he is particularly interested in forecasting the supply of a radiator six months after its production. To do so, he evaluates the following data: # of months since production # of radiators in stock 3 139 a) Calculate the mean number of radiators in stock over the last five months. 1 300 2 186 4 91 e) Interpret the slope as it pertains to this problem. 5 48 b) Calculate the standard deviation for the number of radiators in stock over the last five months. The correlation coefficient and regression equation for the data are r=0.9748 and y=332.5-59.9x. c) Identify the independent variable as it pertains to this problem: d) Use the provided information to describe the relationship between the bivariate data. Support your answer appropriately. f) Determine how well the regression equation explains the data. i.e., What proportion of variation in the response can be explained by the independent variable? Is this good? g) Will there be enough radiators in stock to meet demand in the sixth month after production? Support your answer appropriately.
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a To calculate the mean number of radiators in stock over the last five months add the number of radiators in stock for each month and divide by the n... View the full answer
Related Book For
Management Accounting
ISBN: 9780730369387
4th Edition
Authors: Leslie G. Eldenburg, Albie Brooks, Judy Oliver, Gillian Vesty, Rodney Dormer, Vijaya Murthy, Nick Pawsey
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