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Develop a linear-regression-based forecasting model

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Reference no: EM133178414

Answer the following questions:

1. Develop a linear-regression-based forecasting model to predict costs. (What is the linear regression equation?)

2. Predict costs when patient days are 520, 530, 540 and 550.

3. What would be predicted costs for March of year 3 (eighteenth month), using a four-period moving average?

A hospital pharmacy would like to develop a budget for allergy medications that is based on patient days. Cost and patient days data were collected over a 17-month period. Data are shown as below:

Period

Cost ($)

Patient Days

Year 1, October

32996

516

Year 1, November

34242

530

Year 1, December

27825

528

Year 2, January

29807

517

Year 2, February

28692

500

Year 2, March

34449

514

Year 2, April

33335

515

Year 2, May

38217

509

Year 2, June

36690

524

Year 2, July

35303

524

Year 2, August

33780

539

Year 2, September

32843

551

Year 2, October

37781

543

Year 2, November

27761

528

Year 2, December

31876

531

Year 3, January

31463

542

Year 3, February

29829

558

Reference no: EM133178414

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