What do you understand by the term forecasting? With the help of a suitable example discuss the relation between forecasting and future planning. Briefly discuss both forecasting model.
Forecasting is a statistical technique used to predict future values or trends based on historical data. It involves the use of past data patterns to make informed estimates about what might happen in the future. Forecasting is essential in decision-making processes in various fields like economics, business, finance, meteorology, and production. It allows organizations and individuals to plan ahead by anticipating future developments and allocating resources accordingly. Forecasting is directly linked with future planning. Planning is the process of setting goals and determining how to achieve them, while forecasting provides the necessary data-driven insights about the possible future scenarios. For instance, _______ _____ ______ _________ ________ _______ _________.
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What do you understand by the term forecasting? With the help of a suitable example discuss the relation between forecasting and future planning. Briefly discuss both forecasting model.
A Manager of a car company wants to estimate the relationship between age of cars and annual
maintenance cost. The following data from six cars of same model are obtained as:
| Age of Car (in years) | Annual Maintenance Cost (In hundred rupees) |
| 1 | 10 |
| 2 | 15 |
| 3 | 18 |
| 4 | 20 |
| 5 | 25 |
| 6 | 35 |
Probability Distribution
Using the Regression line y =90 + 50x, fill up the values in the table below
| SAMPLE No. (i) | 12 | 21 | 15 | 1 | 24 |
| 0.96 | 1.28 | 1.65 | 1.84 | 2.35 | |
| 138 | 160 | 178 | 190 | 210 | |
| 138 | - | - | - | - | |
| 0 | - | - | - | - |
A problem of statistics is given to three students A, B and C whose chances of solving it are 0.3, 0.5 and 0.6 respectively. What is the probability that the problem will be solved?
(i) 3 defectives in a sample of 100
(ii) no defectives in a sample of 50
A computer chip manufacturer claims that at most 2% of the chips it produces are defective.
To check the claim of the manufacturer, a researcher selects a sample of 250 of these chips. If there are eight defective chips among these 250, test the null hypothesis that more than 2% of the chips are defective at 5% level of significance. Does this disprove the manufacturer's claim? (Given that Zooς = 1.645)
In a partially destroyed laboratory, the legible record of analysis of correlation of data, is as follows: 10
Variance of x = 9, Regression equations:
8x-10y+66=0
4x-18y-214-0
What were (a) the means of x and y, (b) the coefficient of correlation between x and y and (c) the standard deviation of y?