A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Experience Annual Sales ($1000s) 80 85 96 Salesperson 1 2 3 4 3) (to 2 decimals) c. Discuss the differences in your answers to parts (a) and (b). 5 6 7 8 1 2 3 5 6 8 8 112 119 127 134 10 134 10 153 10 10 164 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation = 71.43 +7.77%. For these data = 6.3, (-)²=106.10, and s= 8.0512. a. Develop the 90% confidence interval for the mean annual sales for all salespersons with four years of experience. 4.60 8.0) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with four years of experience. Develop a 90% prediction interval of annual sales for Tom Smart. As expected, the prediction interval is much wider than the confidence interval. This is due to the fact that it is more difficult annual sales for one new salesperson with 4 years of experience than it is to estimate the mean annual sales for all salespersons with 4 years of experience. to prec
A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Experience Annual Sales ($1000s) 80 85 96 Salesperson 1 2 3 4 3) (to 2 decimals) c. Discuss the differences in your answers to parts (a) and (b). 5 6 7 8 1 2 3 5 6 8 8 112 119 127 134 10 134 10 153 10 10 164 The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression equation = 71.43 +7.77%. For these data = 6.3, (-)²=106.10, and s= 8.0512. a. Develop the 90% confidence interval for the mean annual sales for all salespersons with four years of experience. 4.60 8.0) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with four years of experience. Develop a 90% prediction interval of annual sales for Tom Smart. As expected, the prediction interval is much wider than the confidence interval. This is due to the fact that it is more difficult annual sales for one new salesperson with 4 years of experience than it is to estimate the mean annual sales for all salespersons with 4 years of experience. to prec
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
I am having trouble with this problem, could i get some help please!
Transcribed Image Text:A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons.
Years of
Experience
Annual Sales
($1000s)
80
85
Salesperson
1
2
3
4
) (to 2 decimals)
c. Discuss the differences in your answers to parts (a) and (b).
5
6
7
8
9
1
2
3
5
6
8
8
10
96
112
119
127
134
134
153
10
10
10
164
The data on y = annual sales ($1000s) for new customer accounts and = number of years of experience for a sample of 10 salespersons provided the estimated regression
equation = 71.43 +7.77%. For these data = = 6.3, Σ( - )² = 106.10, and s = 8.0512.
a. Develop the 90% confidence interval for the mean annual sales for all salespersons with four years of experience.
4.60
8.0 ) (to 2 decimals)
b. The company is considering hiring Tom Smart, a salesperson with four years of experience. Develop a 90% prediction interval of annual sales for Tom Smart.
As expected, the prediction interval is much wider
than the confidence interval. This is due to the fact that it is more difficult
annual sales for one new salesperson with 4 years of experience than it is to estimate the mean annual sales for all salespersons with 4 years of experience.
to predict
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 1 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman