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Production and Operations Management Assignment - Demand Forecasting
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:
Year
Sales Revenues (millions of dollars)
1
46.7
4
77.9
2
59.3
5
85.1
3
74.2
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.
b. Determine the correlation coefficient for the data and interpret its meaning.
c. Find the coefficient of determination for the data and interpret its meaning.
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