What is the regression model

Reference no: EM133689197

Problem

Instructions Use the study material to review the regression model. Then, analyze the data that appears in the hypothetical situation. You must identify the regression model and its indicators to make a projection that allows you to develop operational strategies. You are an operational manager in a firm dedicated to the sale of "X" product. The marketing department conducted an analysis of the effect that the price of product "X" has on sales in dollars (in thousands). For this analysis, the department considered the monthly values from January 20X1 to December 20X2 (two years). Then, you receive the input from the regression model carried out by the department, which appears in the following annex. With this information it is intended to estimate sales for the year 20X3; however, you must ensure that the model is reliable for the estimated projection. Answer the following questions: What is the regression model? Interpret the relationship that the model has. How are sales and price variables related? Based on these results, how much do you understand that sales variations are due to price movements? Is the regression model reliable? Justify your answer. If a price of $25 is desired, what will be the sales of product "X" for the year 20X3? Will projected sales be reliable? Justify your answer. Explain three operational strategies that you would develop to obtain the projected sales. The response must be at least five paragraphs. Use at least three resources to support your answer.

Reference no: EM133689197

Questions Cloud

What is the equilibrium quantity : What is the equilibrium quantity? What is the quantity demanded at $2.50? What is the quantity supplied at $2.50? What is the economic condition at $2.50?

Explain the concept of colonialism : Explain the concept of colonialism. Why it does not only refer to the past; why does it matter today and in the future for all?

What would be the vertical intercept : If you were to graph this equation with P on the vertical axis and Q on the horizontal axis, what would be the vertical intercept?

Examples of artworks that were purchased as souvenirs : You were presented with many examples of artworks that were purchased as souvenirs or looted as spoils of war from their original context.

What is the regression model : Answer the following questions: What is the regression model? Interpret the relationship that the model has. How are sales and price variables related?

How did the sexual revolution influence ku : What was the Gay Liberation Front? What did the sue for? How did students respond to growth in reports of sexual assault?

Which test would you use any why : Doctor would like to know how many gram negative bacterial cells there are per gram of stool. Which test would you use any why? (MPN vs Serial dilution)

How can you explain the result : However, only some of the new host strains he tested produced any progeny phage. How can you explain this result?

What were the main goals and motives of alexander the great : What or who were the most significant influences on his life? What were the main goals and motives of Alexander the Great?

User Account

All Pages