Use Of Forecasting Techniques For The Graduate Tuition Rate At James Madison University

859 WordsNov 9, 20154 Pages
This paper seeks to examine the use of forecasting techniques as it applies to the graduate tuition rate at James Madison University. While several methods and techniques of forecasting could have been used, I focused primarily on the Least-Squares Regression technique, as it relates to projections, to project the rates for the next ten years. Projected rates were slightly comparable to actual rates, though, other techniques are not assumed to reduce the error of projected graduate tuition rates. James Madison University is a comprehensive university in the Shenandoah Valley of Harrisonburg-Rockingham County, Virginia. Since it’s start in 1954, the graduate school has focused its efforts on the education of its students at a reasonable cost. Although tuition has risen over the years, it can be assumed that this is possibly due to the rising costs of operation. In recent years, 2009- 2014, the cost has increased by 34% ($305 to $410) for in-state students. Similarly, there has been an increase in out-of-state tuition by more than 20% ($890-$1095) since 2009. Due to the rate increases over the past five years, I project that the cost will continue to rise over the years. The aim of our forecasting is to provide information about possible future changes in tuition rates. In general, the three approaches to forecasting, projection, prediction, and conjecture, all seek to produce information about future trends we expect to examine in society; however, they do so in various

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