Construct scatter diagrams and lines of best fit.
Analysis of cost data.
(i) Explain the concept of correlation coefficient and coefficient of determination.
(ii) Calculate and interpret correlation coefficient and coefficient of determination.
(iii) Establish a linear function using regression analysis and interpret the results.
Use linear regression coefficients to make forecasts of costs and revenues.
Adjust historical and forecast data for price movements.
Explain the advantages and disadvantages of linear regression analysis.
Explain the principles of time series analysis (cyclical, trend, seasonal variation and random elements)
Calculate moving averages