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Effective Management Decision MakingChapter 2Y=a+bx 2 +cx 3 +(dx 4 .....ix n ) – (this is the cubic example)The polynomial equation – which is plotted above –shows that clearly higher polynomial powers of x would simplygenerate additional points of inflexion in the plot (inflexion points are data points where the gradient changes through azero point). The key observation to note for the manager / researcher seeking to curve fit this type of relationship is thatwe can use the regression function of excel to generate the best fitting equation and where necessary, transform data thatis apparently non linear, into a linear format and then use the regression function of excel to solve.Consider the following problem and provided data – which firstly illustrates how to use the Excel Data analysis Add in,to solve polynomial regression problems and then secondly, considers a non linear non polynomial problem:The owner of a newly launched electronic journal is reviewing the marketing revenue and based upon the number of paidsubscriptions, wants to know what the expected income might then be if the reported ratings and rankings of the magazineachieves a level of 5.6. She can then determine what type of news item/story to publish to achieve this and whether the revenuegenerated can cover the increase in story fees.62Download free ebooks at bookboon.com
Effective Management Decision MakingChapter 2Rating Revenue(000s) Rating Revenue(000s) Rating Revenue(000s) Rating Revenue(000s)-30.00 -12971.00 -12.00 -1399.00 6.50 1113.86 24.00 10967.20-29.00 -11695.45 -11.00 -1152.55 7.00 1501.75 25.00 13320.25-28.00 -11108.00 -10.00 -515.00 8.60 1823.48 26.00 13600.80-28.00 -10738.00 -9.00 -1136.45 9.00 2106.45 27.00 17150.75-26.00 -7730.80 -8.00 -279.00 11.00 252.55 28.00 18597.00-25.00 -7100.25 -7.00 1020.25 11.00 415.55 29.00 20630.45-24.00 -6003.20 -6.00 -804.80 12.00 2723.00 30.00 21854.00-23.00 -4122.75 -5.00 -177.25 15.00 3118.75-22.00 -3919.00 -4.00 100.80 14.90 4015.88-21.00 -3820.05 -3.00 1158.25 15.00 4722.75-20.00 -4666.00 -3.00 -730.75 16.00 5248.80-19.00 -3118.95 0.00 1317.00 17.00 3277.25-19.00 -3952.95 0.00 1553.00 18.00 5066.00-17.00 -1917.25 1.00 1261.05 19.00 6830.95-16.00 -2125.80 2.00 1115.00 20.00 6369.00-15.00 -1283.75 2.00 -1272.00 21.00 7509.05-14.00 324.80 4.00 1175.20 22.00 9486.00-10.00 -1185.00 5.00 107.25 23.00 11731.75MASTER OF SCIENCE PROGRAMMESPlease click the advert“The faculty at BI are always ready to guide and motivate students to thinkoutside the box. The opportunity to interact with students from all over the globecontributes to global learning and thinking. BI’s infrastructure caters to everystudent’s perceivable need – the state-of-art canteen facilities, gymnasium, studyrooms, IT facilities and more”.Althea Pereira, India, MSc in Leadership and Organisational Psychology, 2009BI Norwegian School of Management (BI) offers a wide range of Master of Science (MSc) programmes in:For more information, visit www.bi.edu/mscBI also offers programmes at Bachelor, Masters, Executive MBA and PhD levels.Visit www.bi.edu for more information.CLICK HEREfor APPLY the bestinvestment inyourNOWcareerEFMDDownload free ebooks at bookboon.com63
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