BADB3013 Production and Operations Management DemandForecasting 2 SuregripCalculatorCompany(SCC)needstoestimateitssalesfornextyear Themostrecent sixyearsofrevenuedataforthecompany'spopular lineofcalculatorsaregivenbelow Year SalesRevenues Year SalesRevenues (millionsofdollars) (millionsofdollars) 1 46 7 4 77 9 2 59 3 5 85 1 3 74 2 6 98 0 a Assumingthatthesalesdataabovearerepresentativeofsalesexpected nextyear,usetimeseriesregression analysistoforecastnextyear's(Year7's)salesrevenues b Determinethecorrelationcoefficientforthedataandinterpret itsmeaning c Findthecoefficientofdeterminationforthedataandinterpret itsmeaning

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BADB3013 - Production and Operations Management DemandForecasting 2. SuregripCalculatorCompany(SCC)needstoestimateitssalesfornextyear. Themostrecent sixyearsofrevenuedataforthecompany'spopular lineofcalculatorsaregivenbelow: Year SalesRevenues Year SalesRevenues (millionsofdollars) (millionsofdollars) 1 46.7 4 77.9 2 59.3 5

BADB3013 - Production and Operations Management

DemandForecasting

2. SuregripCalculatorCompany(SCC)needstoestimateitssalesfornextyear. Themostrecent sixyearsofrevenuedataforthecompany'spopular lineofcalculatorsaregivenbelow:

Year	SalesRevenues	Year	SalesRevenues
(millionsofdollars)	(millionsofdollars)
1	46.7	4	77.9
2	59.3	5	85.1
3	74.2	6	98.0

a. Assumingthatthesalesdataabovearerepresentativeofsalesexpected nextyear,usetimeseriesregression analysistoforecastnextyear's(Year7's)salesrevenues.

b. Determinethecorrelationcoefficientforthedataandinterpret itsmeaning.

c. Findthecoefficientofdeterminationforthedataandinterpret itsmeaning.

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