Lake Erie Paper Case Solution

Purchasing the moisture meter would definitely mean a significant investment and cash outflow in the short run, but the implications of the purchase are quite positive in the future. It would also mean that the company would no longer need to employ a number of trained workers and would also save money in salary payments. Even the experiment suggests that the moisture meter is a more accurate tool than 24 hours might not be enough time to heat the paper in an oven and any more time and the testing would have been even more expensive. It would also mean that the company no longer has to keep a day stock in order to test the product and use for production later. Testing would be done instantly, and it would be estimated there and then whether the material is up to standards or not.

The experiment can be analyzed through the calculation of the mean of the fifteen samples, which would suggest an average moisture rate of the material any other samples can be said to contain the mean moisture on average. Regression can also be run on the sample, which would form the best-fit line and can only be run if two variables are available. Regression analysis is used to estimate the value of the dependent variable given the value of independence and is used for forecasting. Regression is a better forecasting tool than mean.