This project is to be completed individually. This project is an application of project-based learning. The purpose of this project is to help students experience the use of Advanced Excel functions in business process decision-making.
The regression and correlation functions of Excel were demonstrated in the Excel Lab. Correlation measures the strength of the linear association between the two quantitative variables, whereas the regression model, explains the causation of the relationship and helps in prediction analysis.
Case Study:
Each student is responsible to identify a small business they are familiar with (it could be an anonymous/fictitious business), and using the correlation and regression analysis to address one of the following problems of the business:
• Demand forecasting for manpower requirements in the business
• Demand forecasting for material requirements in the business
• Sales forecasting for the business
• Any other prediction that improves the business process decision making
Identify and justify the variables that you want to include in your analysis. Collect past data for the variables. Use the advanced excel functions to conduct detailed correlation and regression analysis. Interpret the results of the correlation and regression analysis, and use these results to make the desired forecasts. Create tables and charts, to demonstrate your reasoning.
Project report and Video Presentation: (Due Date: 17 Nov 2021)
The student will submit the project report (excel sheet along with its explanation in a word file).
The student will also record a short (less than five minutes) video presentation that demonstrates the use of the analysis. The presentation will be played in the class, and the student has to answer questions defending their decision-making process.
Project reports (excel sheet, and word file) and video must be submitted electronically to the designated Blackboard assignment folder. The submission must include the following three files:
1. An MS Word document that explains the results of the correlation and regression analysis, and the final forecasts.
2. An MS Excel file that includes all charts and tables.
3. A video file that clearly demonstrates the objectives and results of the project.

Answer rating: 100% (QA)

In word Period x Demand y xy x2 1 300 300 1 2 345 690 4 3 365 1095 9 4 340 1360 16 5 400 ... View the full answer