Rhonda Clark, a Slippery Rock, Pennsylvania, realestate developer, has devised a regression model to help determineresidential housing prices in northwestern Pennsylvania. The model was developed using recent sales in a particular neighbor-hood. The price ( Y ) of the house is based on the size (square foot-age 5 X ) of the house. The model is: Y = 13,473 + 37.65XThe coefficient of correlation for the model is 0.63.a) Use the model to predict the selling price of a house that is1,860 square feet.b) An 1,860-square-foot house recently sold for $95,000. Explainwhy this is not what the model predicted. c) If you were going to use multiple regression to develop such amodel, what other quantitative variables might you include?d) What is the value of the coefficient of determination in thisproblem?

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.