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1. Briefly describe when qualitative versus quantitative forecasting methods would be used?2. Linear Regression.a. Describe what linear regression is and how it can be used.b. Explain each variable in the equation: y = a + bxc. Coefficient of Correlation, r.- What does r measure?- What values can r have and what do they mean?d. Coefficient of Determination, r2.- What does r measure?- What values can r2 have and what do they mean?3. Problem 4.35 on page 143 paraphrased: A real estate developer created a linear regression model to determine home prices. The price of the home (Y) is determined by the size (square footage = X). The model is: Y = 13,473 + 37.65X.The coefficient of correlation is 0.63.a. Use the model to predict the selling price of the house that is 1,860 square feet.b. An 1,860 square foot house recently sold for $95,000. Explain why this is not what the model predicted.c. If you were going to use multiple-regression to develop such a model, what other quantitative variables might you include?d. What is the value of the coefficient of determination in this problem? What does this mean?
Rich's 13 year old daughter Alexandra is going to give him an introductory trombone concert later in the day, and he wants to purchase earplugs before then
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Helter Industires, a company that produces a line of women's bathing suits, hires temporaries to help produce its summer product demand. For the current four-month rolling schedule
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A local bar serves a premium draft beer to its customers. The daily demand for beer is assumed to follow a normal distribution with a mean of 80 litres and a standard deviation of 16 litres.
Daniel Trumpe has computed the EOQ for a product he sells to be 400 units. However, due to recent events he has a cash flow problem. Therefore, he orders only 100 units each time he places an order.
What is the difference between a mission and vision statement. Discuss why mission statements are important in performance improvement and why a solid mission statement (describing your goals) should be in place in the quality of health care manag..
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