THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 7

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
The following table displays the joint probability distribution of two discrete random variables X and Y.
-Compute the correlation between X and Y.

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Definitions:

Historical Demand

Past data regarding the consumption of products or services, used to predict future demand patterns and guide inventory and production planning.

July

The seventh month of the year in the Gregorian calendar, typically associated with mid-summer in the northern hemisphere.

Simple Exponential Smoothing

A time series forecasting method for univariate data that can be used to forecast data without any clear trend or seasonal patterns.

Observable Trend

A pattern, change, or movement in data that can be detected and assessed through analysis over a certain period.