Other >> FinanceEstimating the Monthly Order of an Inventory Itemby Celine Ulangkaya
Submitted : Fall 2011 This project involved using statistical analysis on data of a specific inventory item, rice, for a developing business in order to determine the amount that should be ordered each month for said item. Finding the average value with standard deviation will give a good estimate for how much the item should be in stock each month. A linear regression line will also illustrate how much variation there is for how much is ordered over time. Calculating the monthly differences shows that approximately an additional 80 bags of rice should be ordered each month.
