1A.

You are the Materials Manager at a local hospital. Your job is to ensure that the hospital has a sufficient supply of protective masks for medical staff who are involved in the examination and testing of suspected COVID-19 cases. Each suspected case (i.e., patient) is examined and tested by a single nurse. With each new patient, the nurse must wear a new mask. On May 1, you expect the number of suspected cases to follow a Poisson distribution with a mean of 20. Each day thereafter, the expected (i.e., mean) number of suspected cases is forecast to increase by 5%. Explain in detail how you would decide how many masks to order for the entire month of April (assuming that masks are available).

1B

Explain in detail how regression analysis can be utilized to forecast the demand for a firm's output