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Calculate the correlation coefficient with all three methods

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Use the data from Exercise 1 of Section 6.1 in the supplementary materials (page 175) and answer the following questions in Excel. All the calculation must be done with Excel and please submit your Excel file here.

1. Calculate the mean and standard deviation of # of sales people (x) and sales (y). Find sample size n.

2. Calculate the correlation coefficient with all three methods (covariance method, z-score method, and correlation tool in Excel).

3. Find b0 and b1 for the linear regression model with all three methods (two different formulas and Solver). Interpret the meaning of b1 of this linear regression model.

4. Calculate Se and SST.

5. Calculate R square with both methods (correlation coefficient method and the formula r square = 1 - SSE/SST). Interpret the meaning of R square of this linear regression model.

6. Use Regression tool in Excel to find b0, b1, SSE, SST, r, R square, and Se.

7. Estimate the sales if the number of sales people working is 8, 13, and 19, respectively.

Reference no: EM131774669

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