Day: February 20, 2021

 THE GRAPHICAL METHOD The graphical method of linear programming is used for problems involving two products. Formulating the problem Let us suppose that WX manufactures two products, A and B. Both products pass through two production departments, mixing and shaping. Read More …

INTRODUCTION Network analysis looks at the way large projects such as construction projects, computerisation projects or managerial projects are planned and executed. The objective of network analysis is to set out a framework or plan such that the project is Read More …

FORECASTING Assumptions The reason for isolating the trend within a time series is to be able to make a prediction of its future values and thus estimate the movement of the time series. Before looking at the various methods available Read More …

INTRODUCTION Businesses and governments use statistical analysis of information collected at regular intervals over extensive periods of time to plan future policies. For example, sales values or unemployment levels recorded at yearly, quarterly or monthly intervals are examined in an Read More …

INTRODUCTION We’ve seen how the correlation coefficient measures the degree of relationship between two variates.With perfect correlation (r = +1.0 or r = -1.0), the points of the scatter diagram all lie exactly on a straightline. It is sometimes the Read More …

GENERAL When studying frequency distributions, we were always handling only one variable, e.g. height or weight. Having learned how to solve problems involving only one variable, we should now discover how to solve problems involving two variables at the same Read More …

RATIOS Introduction A ratio is another form of fraction just like a percentage, decimal or common fraction. It is a relationship between two numbers or two like values. Consider the following situation concerning a small town: To Reduce the Ratio Read More …