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?

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter1: Equations And Graphs

Section: Chapter Questions

Problem 10T: Olympic Pole Vault The graph in Figure 7 indicates that in recent years the winning Olympic men’s...

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Question

Please solve this using excel

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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
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27
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30
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47°F
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Sales
Sterling
Revenue
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ENG
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11:05 PM
4/6/2024
100%
PRE

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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