Models succor us define and condense relations betwixt variables. Understanding how mode variables recount to each other succors officees prophesy and amend exploit. For illustration, a marketing supervisor capability be animated in standarding the relation betwixt plan expenditures and sales revenues.
Consider the postulatesset adown and meet to the questions that flourish:
Advertisement ($'000) Sales ($'000)
Construct a plant frame delay this postulates.
Do you note a relation betwixt twain variables?
Use Excel to fit a straight retirement continuity to the postulates. What is the prompt retirement standard? (Hint: You can flourish the steps outlined on page 497 of the textbook.)
What is the float? What does the float divulge us?Is the float symbolical?
What is the stop? Is it meaningful?
What is the appreciate of the retirement coefficient,r? What is the appreciate of the coefficient of purpose, r^2? What does r^2 divulge us?
Use the standard to prophesy sales and the office spends $950,000 in plan. Does the standard underrate or overestimates ales?