Operations Management
Forecasting Assignment
The following table presents the orders of Samson Company for the last 36 months (3 years).
|
Month
|
Order Year 1
|
Order Year 2
|
Order Year 3
|
|
January
|
502
|
614
|
712
|
|
February
|
408
|
592
|
698
|
|
March
|
491
|
584
|
686
|
|
April
|
456
|
532
|
644
|
|
May
|
481
|
599
|
694
|
|
June
|
511
|
604
|
702
|
|
July
|
522
|
624
|
724
|
|
August
|
500
|
612
|
716
|
|
September
|
510
|
625
|
732
|
|
October
|
512
|
627
|
740
|
|
November
|
520
|
650
|
745
|
|
December
|
536
|
680
|
756
|
1. Use the data in the above table and regression analysis to forecast the orders for the next 12 months (4th year). Include your excel work sheet and your work in your write up. Show the regression equation, values of intercept, slope, correlation coefficient and coefficient determination and the forecast of orders for the next 12 months.
2. Explain how you could make your forecast's results more reliable by incorporating a qualitative research to your quantitative results.