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Time series and Statistical Control Process

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If the sales, employment, production, and other business series increase or decrease over a period of time and approximate a straight line, the equation for this growth is given by

Y= bX + a, the linear trend equation.

Part 1: State the dependent and independent variables.
Also, state what are the Parameters b & a, and how they are found.

Part 2: In this part assume your independent variable is time, in minute, hours, day, month, or year. Create a time series data knowing that at time zero unit your dependent variable is N and is known. For example at time zero if you statrt boiling the water the water temperature is known and is, say 20 degree C [or use degree F, if you wish]. The dependent variable is the topic of your choice. For example, temperature of water, when you boil it, your water tank level as you fill it out, & so on.

Also, assume that your linear relation is making a 63.5 degree angle with your time-axis, which implies that the relationship has a positive slope of 2.0 [tan (63.5) ~ 2].

Please notice: choose a dependent variable that its variation depends on time. Also assume that the relationship is a linear time dependent relation. Also, note that you have already created an initial point at time zero [i.,e., a point with cordinates of (0, N)]. Your slop is assumed to be positive and equals to 2.

Question is : Please determine your linear equation with the above assumption and predict the first 5 consecutive points on your linear line.

Question 2:

What is statistical process control? How is the concept of statistical process control used in continuous improvement? Discuss with examples.

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Various statistical problems

Please complete the following 5 questions in a Microsoft Word file:

1. When is it appropriate to use a time series approach to a business setting? When can it be applied to project management?

2. What are examples where control charts are used in your workplace to monitor quality control? What are the goals and objectives of this effort?

3. What is statistical quality control? How is the concept of statistical quality control used in continuous improvement? Discuss with examples

4. Discuss how you would model no trend, a linear trend and quadratic trend?

5. In general when is it appropriate to use exponential smoothing? Give examples.

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