1) A sales executive is interested in modeling the sales of a product introduced in the U.S. in 20013. The executive collects data on U.S. sales for the years 20013-2023 and the data appears in the sales worksheet of the Chp 17 HW problems data workbook on Moodle. a) Fit a simple regression model using Sales as the Y or dependent variable and Year as the X or independent variable. Is the model significant at α = 0.05? What is the equation of the fit line. Interpret the model parameters in the context of the problem. b) Using your regression model in part a) forecast sales for 2024, 2025, 2026. c) Construct a plot that shows the observed sales for 20013-2023 and the fit line. Would you use the model to make forecasts for future years?
1) A sales executive is interested in modeling the sales of a product introduced in the U.S. in 20013. The executive collects data on U.S. sales for the years 20013-2023 and the data appears in the sales worksheet of the Chp 17 HW problems data workbook on Moodle. a) Fit a simple regression model using Sales as the Y or dependent variable and Year as the X or independent variable. Is the model significant at α = 0.05? What is the equation of the fit line. Interpret the model parameters in the context of the problem. b) Using your regression model in part a) forecast sales for 2024, 2025, 2026. c) Construct a plot that shows the observed sales for 20013-2023 and the fit line. Would you use the model to make forecasts for future years?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter3: Functions And Graphs
Section3.3: Lines
Problem 76E
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Question
Please solve this using excel
Transcribed Image Text:0
A
B
C
D
E
F
G
H
J
K
M
N
1 Year
Sales
2
2013
2800
3
2014
3577
4
2015
3139
5
2016
8469
6
2017
7331
7
2018
10972
8
2019
13573
9
2020
22634
10
2021
15077
11
2022
31430
12
2023
38524
13
14
15
16
17
18
19
20
21
22
222222
23
24
25
27
28
29
30
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Ready
47°F
Cloudy
Sales
Sterling
Revenue
+
Accessibility: Good to go
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ENG
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11:05 PM
4/6/2024
100%
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Transcribed Image Text:1) A sales executive is interested in modeling the sales of a product introduced in the
U.S. in 20013. The executive collects data on U.S. sales for the years 20013-2023
and the data appears in the sales worksheet of the Chp 17 HW problems data
workbook on Moodle.
a) Fit a simple regression model using Sales as the Y or dependent variable and Year
as the X or independent variable. Is the model significant at α = 0.05? What is
the equation of the fit line. Interpret the model parameters in the context of the
problem.
b) Using your regression model in part a) forecast sales for 2024, 2025, 2026.
c) Construct a plot that shows the observed sales for 20013-2023 and the fit line.
Would you use the model to make forecasts for future years?
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