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This clearly indicates that although the correlation (r) between the two variables is positive i.e. 0
Using the slope and the intercept function in the Excel Sheet, the values of both the parameters were calculated. The value for intercept was calculated as ?a= -160.0836' and the value for slope as ?b=0.1927'. We analysed profitability on the following categories:
? Error analysis
The error is given by the difference between the demand and the forecast values. The error analysis is obtained by calculating:
Bias: It helps in determining the accuracy of the forecasting model by measuring the total error and its direction...
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