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A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample salespersons. Years of Annual Sales Salesperson Experience ($1000s) 1 1 80 2 3 82 3 96 4 95 93 6. 7 93 7 8 98 8. 10 106 11 121 10 13 125 The data on 24 - annual sales (81000s) for new customer ac counts and r pumber of vears of experience for a sample of 10 salespersons

A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample salespersons. Years of Annual Sales Salesperson Experience ($1000s) 1 1 80 2 3 82 3 96 4 95 93 6. 7 93 7 8 98 8. 10 106 11 121 10 13 125 The data on 24 - annual sales (81000s) for new customer ac counts and r pumber of vears of experience for a sample of 10 salespersons

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 14PPS
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A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Sales Salesperson Experience ($1000s) 1 1 80 3 82 3 4 96 4 5 95 5 93 6. 7 93 7 8 98 8 10 106 11 121 10 13 125 The data on y = annual sales ($1000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 74.45 + 3.65x. For these data a = 6.7, ) (x; - x)² = 130.10, and s = 5.3015. %3D a. Develop the 95% confidence interval for the mean annual sales for all salespersons with twelve years of experience. ) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with twelve years of experience. Develop a 95% prediction interval of annual sales for Tom Smart. ) (to 2 decimals) c. Discuss the differences in your answers to parts (a) and (b). As expected, the prediction interval is much - Select your answer - V than the confidence interval. This is due to the fact that it is more - Select your answer - to predict annual sales for one new salesperson with 12 years of experience than it is to estimate the mean annual sales for all salespersons with 12 years of experience.
Transcribed Image Text:A sales manager collected the following data on annual sales for new customer accounts and the number of years of experience for a sample of 10 salespersons. Years of Annual Sales Salesperson Experience ($1000s) 1 1 80 3 82 3 4 96 4 5 95 5 93 6. 7 93 7 8 98 8 10 106 11 121 10 13 125 The data on y = annual sales ($1000s) for new customer accounts and x = number of years of experience for a sample of 10 salespersons provided the estimated regression equation ŷ = 74.45 + 3.65x. For these data a = 6.7, ) (x; - x)² = 130.10, and s = 5.3015. %3D a. Develop the 95% confidence interval for the mean annual sales for all salespersons with twelve years of experience. ) (to 2 decimals) b. The company is considering hiring Tom Smart, a salesperson with twelve years of experience. Develop a 95% prediction interval of annual sales for Tom Smart. ) (to 2 decimals) c. Discuss the differences in your answers to parts (a) and (b). As expected, the prediction interval is much - Select your answer - V than the confidence interval. This is due to the fact that it is more - Select your answer - to predict annual sales for one new salesperson with 12 years of experience than it is to estimate the mean annual sales for all salespersons with 12 years of experience.
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