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Simple Linear Regression Analysis

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The Abalone Fancy Fish Company sells exotic fish to high end restaurants throughout the West Coast. The sales manager wants to determine what, if any, relationship exists between the pounds/week of fish sold by 24 sales persons and the length of time (in years) the sales person has been with the company.

Attached is the Minitab regression output. The dependent variable is Sales (in pounds/week) and the independent variable is Experience (in years).

Use the Minitab output attached to identify and interpret the confidence and prediction intervals for 5 years experience.

For 5 years of experience, the 95% confidence interval: [ , ] *Round answer to three decimal places.

Interpretation of the 95% confidence interval:

A. This says we are 95% confident that any particular sales person with 5 years of experience will show sales between these values.
B. This says we are 95% confident that, in the population, sales persons making sales between these values will result in an additional 5 years with the company (on average).
C. This says we are 95% confident that across many sales persons with 5 years of experience, their mean sales will be between these values.
D. This says we are 95% confident that each additional year with the company will result in sales between these values.
E. This has no practical interpretation in this problem situation.

For 5 years of experience, the 95% prediction interval: [ , ] *Round answer to three decimal places.

Interpretation of the 95% prediction interval:
A. This says we are 95% confident that any particular sales person with 5 years of experience will show sales between these values.
B. This says we are 95% confident that, in the population, sales persons making sales between these values will result in an additional 5 years with the company (on average).
C. This says we are 95% confident that across many sales persons with 5 years of experience, their mean sales will be between these values.
D. This says we are 95% confident that each additional year with the company will result in sales between these values.
E. This has no practical interpretation in this problem situation.

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The solution provides 95% confidence interval and prediction interval. Interpretations of the results are also included.

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Simple Linear Regression Analysis
The Abalone Fancy Fish Company sells exotic fish to high end restaurants throughout the West Coast. The sales manager wants to determine what, if any, relationship exists between the pounds/week of fish sold by 24 sales persons and the length of time (in years) the sales person has been with the company.

Attached is the Minitab regression output. The dependent variable is Sales (in pounds/week) and the independent variable is Experience (in years).

Use the Minitab output attached to identify and interpret the ...

Purchase this Solution
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