Social Security Agency London

Social Security Agency London.

Linear Regression Model Analysi

Table of Contents

1. The Model Content ...................................................................... 2 1.1 1.2 1.3 2 What are the strengths of the model that is used? ...................................................... 2 What are the weaknesses of the model? ..................................................................... 2 How could the model be improved? ............................................................................ 3

The Modelling Process ................................................................... 3 2.1 2.2 2.3 The Modelling Process ................................................................................................. 3 What are the weaknesses of the modelling processes? ............................................... 3 How could the modelling process be improved? ......................................................... 4

3

The Modelling Context 3.1 3.2

.................................................................. 4

What other modelling approaches might be useful in this context? ............................ 4 In what other contexts might a similar model be useful?............................................. 5

4

References

.............................................................................. 7

Page 1

1.

1.1

The Model Content

What are the strengths of the model that is used?

The model’s primary strength is that it allows the payroll costs of the employees in various divisions of the Department of Social Security (DOSS) to be forecasted one-year in advance to a reasonable level of accuracy. The new simulation model can also be used in conjunction with the existing forecasting system to forecast pay increases. The complementary relationship between the two systems heightens the chances of attaining reliable results.

Moreover, the new forecasting model balances simplicity and accuracy...