What is the regression model

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Reference no: EM133689197

Problem

Instructions Use the study material to review the regression model. Then, analyze the data that appears in the hypothetical situation. You must identify the regression model and its indicators to make a projection that allows you to develop operational strategies. You are an operational manager in a firm dedicated to the sale of "X" product. The marketing department conducted an analysis of the effect that the price of product "X" has on sales in dollars (in thousands). For this analysis, the department considered the monthly values from January 20X1 to December 20X2 (two years). Then, you receive the input from the regression model carried out by the department, which appears in the following annex. With this information it is intended to estimate sales for the year 20X3; however, you must ensure that the model is reliable for the estimated projection. Answer the following questions: What is the regression model? Interpret the relationship that the model has. How are sales and price variables related? Based on these results, how much do you understand that sales variations are due to price movements? Is the regression model reliable? Justify your answer. If a price of $25 is desired, what will be the sales of product "X" for the year 20X3? Will projected sales be reliable? Justify your answer. Explain three operational strategies that you would develop to obtain the projected sales. The response must be at least five paragraphs. Use at least three resources to support your answer.

Reference no: EM133689197

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