Forecasting or spreadsheet modeling

Assignment Help Applied Statistics

Reference no: EM131842785

Project

To give you practical experience in implementing the quantitative methods taught in this course and to help you see how you can successfully improve business processes using Statistical Thinking, the principle assignments of the class are mini-projects of your own choosing. I wanted it to be this way so that the course would be meaningful to you since you are going to try to improve something that is important to you and not simply work on a case study or word problem assigned by me. This is authentic assessment.

There are four such mini-projects:

1. Mini-Project 1: Descriptive Statistics and Data Visualization.

2. Mini-Project 2: Forecasting or Spreadsheet Modeling

3. Mini-Project 3: Modeling and Design of Experiments.

4. Mini-Project 4: Statistical Inference.

Choosing the right project, the right process to study. Each of the four projects you choose should have these three qualities:

1. Involve a process about which you know something so that you can apply subject matter knowledge. The importance of this cannot be overstated.

2. Allow collection of sufficient relevant data.

3. Provide an opportunity for intervention and improvement.

Recall that the objectives of the course are for students to be able to:

1. Design data collection plans

2. Collect and organize data using Microsoft Excel

3. Analyze that data using Microsoft Excel

4. Arrive at "right answers"

5. Convert "right answers" into business decisions

6. Present their findings persuasively using appropriate data visualization tools and language

In your second project, you will obtain data from some process in your life that can be forecast using the tools of time-series analysis. You will then use the various forecasting methods available to you to "predict the future". You will choose the method that yields the lowest mean absolute deviation (MAD) or mean squared error (MSE) and describe your thought processes as you do so.

Reference no: EM131842785

Questions Cloud

What would be the important financial statements to be : As a potential partner, what would be the important financial statements to be in place for an initial assessment of the venture?

Explain how kant theory helped him to overcome : Explain how Kant's theory helped him to overcome Hume's skepticism and allows us to have empirical knowledge. Please provide the authentic solution.

Determine how training can address the issue : Throughout this course, a great deal of information has been discussed regarding the importance of training and development as related to employee recruitment.

What is one philosophically interesting element of buddhism : What is one philosophically interesting element of Buddhism? Perhaps an insight into people or a commentary on reality that resonates with you?

Forecasting or spreadsheet modeling : You will then use the various forecasting methods available to you to "predict the future". You will choose the method that yields the lowest mean

Determine the best set of order quantities : Discuss where heuristic decision making might be better than using Optimization. What are the benefits v costs?

Consider the demise of bitcoin : ?Why does Lovink consider the demise of Bitcoin (the digital currency) inevitable? Do you agree with Lovink's assessment that Bitcoin (the technology)

Briefly review and discuss the targeted product : Identify where the major transportation modes are used in the EESC from SLP3: rail, inland water, ocean steamer, and/or OTR.

Describe the epistemological relativism : 1. Describe the epistemological relativism from Plato's day and our day (postmodernism).

User Account

All Pages