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Resort Attendance Average Temperature Month (in thousands) 1 24 43 41 31 3 32 39 4 30 38 5 38 35

Resort Attendance Average Temperature Month (in thousands) 1 24 43 41 31 3 32 39 4 30 38 5 38 35

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Question

Happy Lodge Ski Resorts tries to forecast monthly
attendance. Th e management has noticed a direct relationship
between the average monthly temperature and attendance.
(a) Given fi ve months of average monthly temperatures and
corresponding monthly attendance, compute a linear
regression equation of the relationship between the two.
If next month’s average temperature is forecast to be 45
degrees, use your linear regression equation to develop a
forecast.

(b) Compute a correlation coefficient for the data and
determine the strength of the linear relationship between
average temperature and attendance. How good a
predictor is temperature for attendance?

Resort Attendance Average Temperature Month (in thousands) 1 24 43 41 31 3 32 39 4 30 38 5 38 35
Transcribed Image Text:Resort Attendance Average Temperature Month (in thousands) 1 24 43 41 31 3 32 39 4 30 38 5 38 35
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