Question: please solve using Excel and if required used Excel solver with proper formulas used. thanks in advance...will definitely upvote. 11. Predicting Sales Managers at Office


please solve using Excel and if required used Excel solver with proper formulas used.
thanks in advance...will definitely upvote.
11. Predicting Sales Managers at Office Products, Inc. are planning their sales campaigns for the coming year. As one part of this effort, they are attempting to determine the relationship between the number of sales reps that are assigned to a product and the sales of that product. The subjective estimates of a group of experienced managers are summarized in the following table, which relates sales effort to sales: Sales Reps 50 75 100 125 Sales (000) 433 478 150 175 200 225 250 545 745 987 1,156 1,235 1,288 1,345 a. Build a least squares model to fit an S-shaped curve to this data set. An appropriate function has the form Sales = b + (a - b)(Reps /(d+Reps)) What values of the four parameters a, b, c, and d minimize the sum of squared differences between the model's predicted values and the observations? (Good initial solutions for the four parameters are helpful in achieving a good fit.) In general, the parameter brepresents the lowest level of the function and a its highest level. b. Determine whether there are local optima in the optimiza- tion problem in part (a) by providing Solver different initial values for the four parametersStep by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
