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Management of a home appliance store would like to understand the growth pattern of the monthly sales of Blu-ray disc players over the past two years. Managers have recorded the relevant data in the file P13_33.xlsx. a. Create a scatterplot for these data. Comment on the observed behavior of monthly sales at this store over time. b. Estimate an appropriate regression equation to explain the variation of monthly sales over the given time period. Interpret the estimated regression coefficients. c. Analyze the estimated equation’s residuals. Do they suggest that the regression equation is adequate? If not, return to part b and revise your equation. Continue to revise the equation until the results are satisfactory.

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Practical Management Science

6th Edition
WINSTON + 1 other
Publisher: Cengage,
ISBN: 9781337406659

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Chapter
Section
BuyFindarrow_forward

Practical Management Science

6th Edition
WINSTON + 1 other
Publisher: Cengage,
ISBN: 9781337406659
Chapter 13, Problem 33P
Textbook Problem
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Management of a home appliance store would like to understand the growth pattern of the monthly sales of Blu-ray disc players over the past two years. Managers have recorded the relevant data in the file P13_33.xlsx.

  1. a. Create a scatterplot for these data. Comment on the observed behavior of monthly sales at this store over time.
  2. b. Estimate an appropriate regression equation to explain the variation of monthly sales over the given time period. Interpret the estimated regression coefficients.
  3. c. Analyze the estimated equation’s residuals. Do they suggest that the regression equation is adequate? If not, return to part b and revise your equation. Continue to revise the equation until the results are satisfactory.

a)

Summary Introduction

To create: A scatterplot for the data.

Introduction: Forecasting is a technique of predicting future events based on historical data and projecting them into the future with a mathematical model. Forecasting may be an intuitive or subjective prediction.

Explanation of Solution

Data:

Formulae to determine the data:

Scatterplot using StatTools:

Summary graph from the StatTools should be used. Then, the scatterplot should be chosen. The below image shows the scatterplot parameter table from StatTools:

b)

Summary Introduction

To estimate: The regression equation to predict the peak power load.

Introduction: Forecasting is a technique of predicting future events based on historical data and projecting them into the future with a mathematical model. Forecasting may be an intuitive or subjective prediction.

c)

Summary Introduction

To determine: Whether the estimated equation is adequate.

Introduction: Forecasting is a technique of predicting future events based on historical data and projecting them into the future with a mathematical model. Forecasting may be an intuitive or subjective prediction.

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Chapter 13 Solutions

Practical Management Science
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