The Following Six Months of Data Were Collected on Electricity

question 237

Essay

The following six months of data were collected on electricity cost and the number of machine hours in a factory.
Required:

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Definitions:

CRM Software

Technology platforms designed to manage a company's interactions with current and potential customers, integrating and automating sales, marketing, and customer support.

Interval Scales

A type of numeric scale where the order of numbers is significant and the difference between values is standardized; however, there is no true zero point.

Forecasting

The process of predicting future trends, demands, or events based on historical data and analysis.

Planning

The process of setting goals, defining strategies, and outlining tasks and schedules to achieve these goals in an organization.