Determine the least squares regression line

Reference no: EM1320809

Question: The general manager of a chain of furniture stores believes that experience is the most important factor in determining the level of success of a salesperson. To examine this belief she records last month's sales (in $1,000s) & the years of experience of 10 randomly selected salespeople. These data are listed below.

Salesperson	Years of Experience	Sales
1	0	7
2	2	9
3	10	20
4	3	15
5	8	18
6	5	14
7	12	20
8	7	17
9	20	30
10	15	25

[A] Interpret the value of the slope of the regression line.
[B] Estimate the standard error of estimate & describe what this statistic tells you about the regression line.
[C] Determine the coefficient of determination & discuss what its value tells you about the two variables.
[D] Calculate the coefficient of correlation. What sign does it have? Why?
[E] Draw a scatter diagram of the data to determine whether a linear model appears to be appropriate.
[F] Using Excel, Run the regression using years of Experience as the independent variable (x) & sales the dependent variable (y).
[G] Determine the least squares regression line.
[H] Predict with 95% confidence the monthly sales of a salesperson with 10 years of experience.
[I] Predict with 95% confidence the average monthly sales of all salespersons with 10 years of experience.
[J] Use the regression equation in the table to determine the predicted values of y.

Reference no: EM1320809

Questions Cloud

Athletic persons and second non-athletic ones : The only difference is that the first group is comprised of athletic persons and the second of non-athletic ones.

Protecting the computing environment : Does protecting a computing environment merely mean protecting those five components? Explain why?

Gdp every capita in the united states : Europe has leveled off at Illustrate what fraction of GDP every capita in the United States.

Purchasing in consumer and business markets : What are the key differences between purchasing in consumer and business markets? The buying centre refers to all the individuals and units participating in business purchase decisions.

Determine the least squares regression line : Determine the least squares regression line

Drawing the uml state diagram : In the chess game white and black make alternate moves. White takes first move. Both Black and White may finish the game: by winning, by giving up, by draw.

Yielded zero units of additional satisfaction : Assume you just finished your third plateful of Thanks giving dinner also it yielded zero units of additional satisfaction.

Determining the cpi of computer : A workstation utilizes a 15-MHZ processor with a claimed 10-MIPS rating to implement a provided programme mix. Suppose a one-cycle delay for every memory access. What is effective CPI of this computer?

Concept of selective exposure : Discuss the concept of selective exposure and explain why it is important to marketers. Offer some examples of how consumers engage in selective exposure.

User Account

All Pages