Simposon Family produces a variety of Ball Point Pens

“Pen’s R Us” is owned by the Simposon Family and produces a variety of Ball Point Pens. Answer the follwing question .
Question 1— (125 points)
TV advertising is one of the ways Pen’s R Us” tries to increase the number of orders they received during the holiday season. Using regression analysis and trend analysis to determine the “most accurate” forecast for the number of orders in Fall 2019. The planned number of TV ads in Fall 2019 is anticipated to be 5.

125/125 points guaranteed 

In addition, find the 90% confidence interval for your most accurate forecast for Fall 2019 sales. Assume that the standard deviation for sales is 2000 orders.
In addition, determine the type and strength of the relationship between the number of TV ads and the number of orders.

Expert Partial Solution 

In order to use Using regression analysis and trend analysis to determine the most accurate forecast for the number of orders in Fall 2019, we can use the data for Fall 2016, 2017, and 2018 to create  an XY scatter chart.

Before designing the chart, it is worthwhile to differentiate between dependent variable and independent variable.

According to the text:

Dependent Variable (y): Is the main factor that we’re trying to understand or predict. In this case SALES

Independent Variable (x): This is the factor that we hypothesize has an impact on our dependent variable. In this case no. of ads

The dependent variable (in this case, sales) should be plotted on the y-axis, while our independent variable (the price of the event ticket) should be plotted on the x-axis.

The dependent variable (in this case, sales) is plotted on the y-axis, while the independent variable (number of TV ads) is plotted on the x-axis.

After plotting the data, I could start seeing a correlation between the two variables.

But in order to tell the degree to which number of ads affects sales, I drew a line of best fit or rather a regression line…Read more

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Simposon Family produces a variety of Ball Point Pens

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