Reference no: EM131992260

Can you please help me with this HW question?

Use the charting tool in Excel to develop a regression model to fit the trend effects using the data below for this scenario.

The "Economic Report to the President of the United States" included data on the amounts of manufacturers' new and unfilled orders in millions of dollars. Shown here are the figures for new orders over a 21-year period:

Year

Total Number of New Orders

1 55,022

2 55,921

3 64,182

4 76,003

5 87,327

6 85,139

7 99,513

8 115,109

9 116,251

10 121,547

11 123,321

12 141,200

13 162,140

14 168,420

15 171,250

16 176,355

17 195,204

18 209,389

19 237,025

20 272,544

21 293,475

1. What is required is first a linear model (chart) and then a polynomial (order 2) model (chart) using the above data, and each chart must show the line formula and the r-squared value.
2. The charts then should be used to answer the following questions:
3. How well does either model fit the data?
4. Which model should be used for forecasting?
5. And provide explanations using the relevant metrics.