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Develop a regression model to fit the trend effects

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Reference no: EM13247830

The ‘Economic Report to theDirectorincluded data on the amountsof manufacturers' new and unfilled orders in millions of dollars. Shown beloware the figures for new orders over a 21-year period.

a) Use Excel to develop a regression model to fit the trend effects for the data. Use a linear model and then try a quadratic model.

b) How well does either model fit the data?

Year Total number or new orders
1 55022
2 55921
3 64182
4 76003
5 87327
6 85139
7 99513
8 115109
9 131629
10 147604
11 156359
12 168025
13 162140
14 175451
15 192879
16 195706
17 195204
18 209389
19 227025
20 240758
21 243643

For this question you will need to use the regression tool from the Analysis Toolpak.

Reference no: EM13247830

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