A wholesale company buys sugar from a sugar mill and then supplies sugar to the
ID: 3301198 • Letter: A
Question
A wholesale company buys sugar from a sugar mill and then supplies sugar to the retail shops. The sugar mill buys their sugar cane from the cane farmers of a region. Cane production is largely dependent on the weather condition such as rain and temperature of the region as well as extreme weather condition such as flood. The manager of the wholesale company is always worried about competitors' reactions and changes in sales. Both the wholesale company and the sugar mill manager need to know the current and future trend of sugar supply, sales and price in order to maximise company's profit.
Q. By analysing _______ they determine the "Goodness of fit” of their predictions.
Explanation / Answer
By analysing Coefficinet of determination they determine the "Goodness of fit” of their predictions.
It provides a measure of how well observed outcomes are replicated by the model, based on the proportion of total variation of outcomes explained by the model.
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