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A large department store has collected the following monthly data on lost sales revenue due to theft and the number of security guard hours on
A large department store has collected the following monthly data on lost sales revenue due to theft and the number of security guard hours on duty:
Lost Sales Revenue ($000s) | Total Security Guard hours |
1.0 | 600 |
1.4 | 630 |
1.8 | 950 |
1.9 | 1000 |
2.0 | 1200 |
2.1 | 1300 |
2.3 | 1350 |
(a) Determine the least squares regression equation.
(b) Using the results of part (a), find the estimated lost sales revenues if the total number of security guard hours is 800.
(c) Based on the significance F-test, is this model a significant prediction equation? solve in excel
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