A sales manager collected the following data on x = years of experience and y = annual sales ($1,000s). The estimated regression equation for these data is 9 = 81 + 4x. Years of Annual Sales Salesperson Experience ($1,000s) 1 1 80 2 3 97 3 4 102 4 102 5 6 103 6 8 101 7 10 119 B 10 123 9 11 127 10 (a) Compute SST, SSR, and SSE. SST= SSR= 13 136 SSE= (b) Compute the coefficient of determination (Round your answer to three decimal places.) P = Comment on the goodness of fit. (For purposes of this exercise, consider a proportion large if it is at least 0.55.) The least squares line did not provide a good fit as a large proportion of the variability in y has been explained by the least squares line. The least squares line provided a good fit as a small proportion of the variability in y has been explained by the least squares line. The least squares line provided a good fit as a large proportion of the variability in y has been explained by the least squares line. O The least squares line did not provide a good fit as a small proportion of the variability In y has been explained by the least squares line. (c) What is the value of the sample correlation coefficient? (Round your answer to three decimal places.)

A sales manager collected the following data on x = years of experience and y = annual sales ($1,000s). The estimated regression equation for these data is 9 = 81 + 4x. Years of Annual Sales Salesperson Experience ($1,000s) 1 1 80 2 3 97 3 4 102 4 102 5 6 103 6 8 101 7 10 119 B 10 123 9 11 127 10 (a) Compute SST, SSR, and SSE. SST= SSR= 13 136 SSE= (b) Compute the coefficient of determination (Round your answer to three decimal places.) P = Comment on the goodness of fit. (For purposes of this exercise, consider a proportion large if it is at least 0.55.) The least squares line did not provide a good fit as a large proportion of the variability in y has been explained by the least squares line. The least squares line provided a good fit as a small proportion of the variability in y has been explained by the least squares line. The least squares line provided a good fit as a large proportion of the variability in y has been explained by the least squares line. O The least squares line did not provide a good fit as a small proportion of the variability In y has been explained by the least squares line. (c) What is the value of the sample correlation coefficient? (Round your answer to three decimal places.)

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter8: Time Series Analysis And_forecasting

Section: Chapter Questions

Problem 14P: The following time series shows the sales of a particular product over the past 12...

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