Mr. James McWhinney, president of Daniel-James Financial Services, believes ther

Question

Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The x column indicates the number of client contacts last month and the Y column shows the value of sales ($ thousands) last month for each client sampled. (Round your answers to 3 decimal places.)

Determine the .95 confidence interval, in thousands of dollars, for the mean of all sales personnel who make 40 contacts.

Determine the .95 prediction interval, in thousands of dollars, for a particular salesperson who makes 40 contacts.

Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the following sample information. The x column indicates the number of client contacts last month and the Y column shows the value of sales ($ thousands) last month for each client sampled. (Round your answers to 3 decimal places.)

Explanation / Answer

a. To obtain the regression line, enter the data in Minitab-Stat-Regression-Regression-Fit Regression Model-enter Sales in Response variable and Contacts in Continuous Predictor variable-click OK.

The regression eqaution is: Sales=-12.20+2.195 Sales.

The mean of all sales personnel who make 40 contacts is 49.8~50 [(46+48+50+55+50)/5]

Follow the command, Stat-Regression-Regression-Predict-enter 50 in the first text box under variable x-click OK.

The 95% c.i is: [87.9797, 107.082]~[88, 107]

b. Stat-Regression-Regression-Predict-enter 40 in the first text box under variable x-click OK.

The 95% p.i is: [52.9089, 98.2604]~[53, 98]

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