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The following must be solved in Excel:

Problem one:
Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The X column indicates the number of client contacts last month, and the Y column shows the value of sales (\$ thousands) last month for each client sampled.
*(Table found in attachment)
a. Determine the regression equation.
b. Determine the estimated sales if 40 contacts are made.
c. Determine the standard error of estimate.
d. Suppose a large sample is selected (instead of just 10). About 95 percent of the predictions regarding sales would occur between what two values?

Problem two:
The following table gives the annual amount of scrap produced by Machine Products, Inc.
*(Table found in attachment)
Determine the least squares trend equation. Estimate the amount of scrap for the year 2003.

Problem three:
Victor Anderson, the owner of Anderson Belts, Inc., is studying absenteeism among his employees.
His workforce is small, consisting of only five employees. For the last three years he recorded the following number of employee absences, in days, for each quarter.
*(Table found in attachment)
Determine a typical seasonal index for each of the four quarters.

##### Solution Summary

Problem one:
Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The X column indicates the number of client contacts last month, and the Y column shows the value of sales (\$ thousands) last month for each client sampled.

Number of Contracts
X Sales (\$ thousands)
Y
14 24
12 14
20 28
16 30
46 80
23 30
48 90
50 85
55 120
50 110

a. Determine the regression equation.
b. Determine the estimated sales if 40 contacts are made.
c. Determine the standard error of estimate.
d. Suppose a large sample is selected (instead of just 10). About 95 percent of the predictions regarding sales would occur between what two values?

Problem two:
The following table gives the annual amount of scrap produced by Machine Products, Inc.

Year Code Scrap (Tons)
1997 1 2.0
1998 2 4.0
1999 3 3.0
2000 4 5.0
2001 5 6.0

Determine the least squares trend equation. Estimate the amount of scrap for the year 2003.

Problem three:
Victor Anderson, the owner of Anderson Belts, Inc., is studying absenteeism among his employees.
His workforce is small, consisting of only five employees. For the last three years he recorded the following number of employee absences, in days, for each quarter.
Year Q1 Q2 Q3 Q4
1999 4 10 7 3
2000 5 12 9 4
2001 6 16 12 4

Determine a typical seasonal index for each of the four quarters.

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###### Education
• BSc , Wuhan Univ. China
• MA, Shandong Univ.
###### Recent Feedback
• "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
• "excellent work"
• "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
• "Thank you"
• "Thank you very much for your valuable time and assistance!"

##### Measures of Central Tendency

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