A lawn and garden centre intends to use sales of lawn fertilizer to predict lawn mower sales.
Question:
a. Determine the correlation between the two variables. Does it appear that a relationship between these variables will yield good predictions? Explain. (You may use Excel’s “=C0RREL (Range Y, Range X)” to determine r, where Range Y is the range of Excel cells containing the y values and Range X is the range of Excel ce11s containing the x values. You also need R2, RSQ (Range Y, Range X).
b. Obtain a1inear regression line for the data. (You may use Excel4s “=slope (Range Y, Range X)” and “=intercept Range Y, Range X)” to obtain the regression coefficients b and α, respectively. Alternatively, use Trendline in the Layout menu.)
c. Predict lawn mower sales, given fertilizer sales of 2 tonnes.
Step by Step Answer:
Operations Management
ISBN: 978-0071091428
4th Canadian edition
Authors: William J Stevenson, Mehran Hojati