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question A manufacturer is developing a facility plan to provide production capacity for the factory. the amount of capacity required in the future depends on the number of products demanded by its customers. The data below reflect past sales of its products. a) use simple linear regression to forecast annual demand for the products for each of the nnext 3 years. b) determine the correlation coefficient for the data and interpret its meaning. c) find the coefficient of determination for the data and interprete its meaning.   year annual sales (number of products year annual sales (number of products) 1 490 5 461 2 487 6 475 3 492 7 472 4 478 8 458

question A manufacturer is developing a facility plan to provide production capacity for the factory. the amount of capacity required in the future depends on the number of products demanded by its customers. The data below reflect past sales of its products. a) use simple linear regression to forecast annual demand for the products for each of the nnext 3 years. b) determine the correlation coefficient for the data and interpret its meaning. c) find the coefficient of determination for the data and interprete its meaning.   year annual sales (number of products year annual sales (number of products) 1 490 5 461 2 487 6 475 3 492 7 472 4 478 8 458

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
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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A manufacturer is developing a facility plan to provide production capacity for the factory. the amount of capacity required in the future depends on the number of products demanded by its customers. The data below reflect past sales of its products.

a) use simple linear regression to forecast annual demand for the products for each of the nnext 3 years.

b) determine the correlation coefficient for the data and interpret its meaning.

c) find the coefficient of determination for the data and interprete its meaning.

 

year annual sales (number of products year annual sales (number of products)
1 490 5 461
2 487 6 475
3 492 7 472
4 478 8 458
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Q.2 Answer the following A large international sales organization has collected data on the number of employees and the annual gross sales during the last 7 years. # of employees sales (in $000s) 1975 100 2010 110 2005 122 2020 130 2030 139 2031 152 2050 164 2100 ? (b) Determine the correlation coefficient. (d) Determine the least squares trend line. (e) Determine the predicted value of sales for 2100 employees. ||| >
Transcribed Image Text:Q.2 Answer the following A large international sales organization has collected data on the number of employees and the annual gross sales during the last 7 years. # of employees sales (in $000s) 1975 100 2010 110 2005 122 2020 130 2030 139 2031 152 2050 164 2100 ? (b) Determine the correlation coefficient. (d) Determine the least squares trend line. (e) Determine the predicted value of sales for 2100 employees. ||| >
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