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In Excel Answer each of the following problem (II) using regression analysis (easiest way is using the scatter diagram approach. But you can also use the regression analysis routine in the Data Analysis module in Excel A sales manager collected the following data on annual sales and years of experience. a. b. C. Salesperson 1 2 3 4 5 6 7 8 9 10 Years of Experience 1 3 4 4 6 8 10 10 11 13 Annual Sales ($1000s) 80 97 92 102 103 119 123 117 136 Develop a scatter diagram for these data with years of experience as the independe variable. Develop an estimated regression equation that can be used to predict annual sales given the years of experience. Use the estimated regression equation to predict annual sales for a salesperson 9 years of experience.

In Excel Answer each of the following problem (II) using regression analysis (easiest way is using the scatter diagram approach. But you can also use the regression analysis routine in the Data Analysis module in Excel A sales manager collected the following data on annual sales and years of experience. a. b. C. Salesperson 1 2 3 4 5 6 7 8 9 10 Years of Experience 1 3 4 4 6 8 10 10 11 13 Annual Sales ($1000s) 80 97 92 102 103 119 123 117 136 Develop a scatter diagram for these data with years of experience as the independe variable. Develop an estimated regression equation that can be used to predict annual sales given the years of experience. Use the estimated regression equation to predict annual sales for a salesperson 9 years of experience.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
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# In Excel To solve each of the following problems using regression analysis, it is easiest to use the scatter diagram approach. However, you can also utilize the regression analysis routine available in the Data Analysis module in Excel. ## Problem Statement A sales manager compiled the following data on annual sales and years of experience: | Salesperson | Years of Experience | Annual Sales ($1000s) | |-------------|---------------------|-----------------------| | 1 | 1 | 80 | | 2 | 3 | 97 | | 3 | 4 | 92 | | 4 | 4 | 102 | | 5 | 6 | 103 | | 6 | 8 | 111 | | 7 | 10 | 119 | | 8 | 10 | 123 | | 9 | 11 | 117 | | 10 | 13 | 136 | ### Tasks a. Develop a scatter diagram for these data with years of experience as the independent variable. b. Develop an estimated regression equation that can be used to predict annual sales given the years of experience. c. Use the estimated regression equation to predict annual sales for a salesperson with 9 years of experience. ### Explanation of Diagrams and Graphs - **Scatter Diagram:** This graph should plot 'Years of Experience' on the x-axis and 'Annual Sales' on the y-axis. Each data point represents a salesperson's years of experience and their corresponding annual sales in thousands of dollars. The scatter plot will help visualize any correlation between experience and sales. - **Regression Line:** Once the scatter diagram is plotted, the regression line can be added to summarize the overall trend of the data points. This line will help formulate the regression equation. By analyzing these visual and numerical data, you can identify patterns and make predictions about sales based on years of experience.
Transcribed Image Text:# In Excel To solve each of the following problems using regression analysis, it is easiest to use the scatter diagram approach. However, you can also utilize the regression analysis routine available in the Data Analysis module in Excel. ## Problem Statement A sales manager compiled the following data on annual sales and years of experience: | Salesperson | Years of Experience | Annual Sales ($1000s) | |-------------|---------------------|-----------------------| | 1 | 1 | 80 | | 2 | 3 | 97 | | 3 | 4 | 92 | | 4 | 4 | 102 | | 5 | 6 | 103 | | 6 | 8 | 111 | | 7 | 10 | 119 | | 8 | 10 | 123 | | 9 | 11 | 117 | | 10 | 13 | 136 | ### Tasks a. Develop a scatter diagram for these data with years of experience as the independent variable. b. Develop an estimated regression equation that can be used to predict annual sales given the years of experience. c. Use the estimated regression equation to predict annual sales for a salesperson with 9 years of experience. ### Explanation of Diagrams and Graphs - **Scatter Diagram:** This graph should plot 'Years of Experience' on the x-axis and 'Annual Sales' on the y-axis. Each data point represents a salesperson's years of experience and their corresponding annual sales in thousands of dollars. The scatter plot will help visualize any correlation between experience and sales. - **Regression Line:** Once the scatter diagram is plotted, the regression line can be added to summarize the overall trend of the data points. This line will help formulate the regression equation. By analyzing these visual and numerical data, you can identify patterns and make predictions about sales based on years of experience.
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