The file contains the amount of money spent advertising a product (in thousands of dollars) and the number of units sold (in millions) for eight months. Assume that the only factor influencing monthly sales is advertising. Fit the following two curves to these data: linear ( 5 1 ) and power ( 5 ). Which equation best fits the data? Interpret the best-fitting equation. Using the best-fitting equation, predict sales during a month in which $60,000 is spent on advertising. Quantitative Assignment The Excel Analysis Tool Pack is an Excel add-in that is typically included in the Excel screen tool bar . The icon will be titled: Data Analysis and is located on the right side of the tool bar. If the tool pack is not appearing, go to the Excel add-ins to add the tool pack to your spreadsheet toolbar. This tool pack contains a number of basic data analysis tools that you may be familiar with; such as: Correlation, Descriptive Statistics, Exponential Smoothing, stograms, Moving Averages, and so on. I recommended that you access the tool pack by selecting the Data Analysis icon and review the various analysis tools. To get a detailed description of an analtyical tool, select the tool, select Help, and then scroll down the screen to select the function. For instance: Select Data Analysis icon à Select Correlation à Select Help à scroll to the later part of screen to select Correlation again à this will provide you with a definition of the function. Informational video for your review: This informational video will illustrate the use of the Excel data analysis tool for various statistical functions, such as: mean, median, hypothesis, regression analysis. The intent of this video is to ensure that you are aware of additional Excel analysis capabilities, how to access the Tool Pack and what some of the analytical capabilities are. nt: There are a number of interactive tutorials online so, do not hesitate to search th
e web for additional information. A link for the Lynda tutorial site was provided earlier in the course. However, here is access information if you have not use Lynda as yet: To start using Lynda, go to -> (you will need to put this link in your browser). When prompted, log in with your ESC College credentials (email address & password). When working on the two forecasting problems in this Module, it is important that you demonstrate the correct use of Excel analytics by creating: Scattergrams, adding Trendlines, including Regression data / Regression Equation, identifying R-squared value and the use of linear, exponential, power curves for Best Fit analysis, and on so. Finally, graphics should be appropriately labeled (x and y axis). All of these analysis functions can be found in the Excel tool bar after you plot to your spreadsheet (based on the data that is provided). Once the basic graphic has been created, select the graphic and the tool bar will display the Chart tools: Design, Layout, Format. Select Layout to obtain access to the analytical tools required to complete your chart. When asked to interpret data use your graphic display and analytical results to facilitate the interpretation. For instance: Interpret the estimated regression coefficients? Use the Regression Equation to identify the coefficients and then provide a brief discussion regarding the influence of the coeficients. Be sure it is a Best Fit solution. Check your R2 values. Video Trend Lines and Regression Analysis in Excel (12 min): The intent of the following video is to provide you with an overview of adding a trend line to a chart along with the Excel regression analysis. (Note: Video is actually 12 min versus a stated run time of 15 min.) Again, There are a number of good tutorials online so, do not hesitate to search the web for additional information. A link for the Lynda tutorial site was provided earlier in the course.