A manager wishes to determine the relationship between the number of miles (in hundreds of miles) the manager's sales representatives travel per month and the amount of sales (in thousands of dollars) per month. Find the equation of the regression line for the given data. Predict the value of sales when the sales representative travel 8 miles. Predict the value of sales when tthe sales representative traveled 11 miles.
Miles Traveled x 2 3 10 7 8 15 3 1 11
Sales y 31 33 78 62 65 61 48 55 120
PLEASE REFER TO THE ATTACHED FILE FOR A DETAILED COMPUTATION.
The equation of the regression line is:
Yc = a + bX
Yc = 37.9056 + 3.5284X
Find the equation of the regression line for ...
The solution determines the relationship between the number of miles the manager's sales representatives travel per month and the amount of sales per month. The regression line model was computed to predict values of either sales or distance traveled.
Forecasting for WidgeCorp: Applied Managerial Decision-Making
WidgeCorp is considering branching out into cold beverages. You have been asked to come up with a regression model to forecast monthly sales of cold beverages for the next year. Think about what variables you might include in your model. Please research about regression analysis, and provide detailed discussion about various types of regression including simple and multiple regression as well as linear and non-linear regression along with real world examples and at least three references. Also, explain how regression analysis and its methods can help WidgeCorp with its cold beverage sales.View Full Posting Details