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Does the data seem the strength of the relationship between variables is sufficient to warrant using linear regression forecasting?

Few members of management of the Fairface Cosmetic Firm believe that demand for its products is related to the promotional activities of local department stores where the cosmetics are sold. But others in management believe that other factors, such as local annual promotional expenditures for Fairface products as well as local annual unit sales for Fairface lip gloss have been collected from 20 stores selected at random from different localities-

Store

Annual Unit Sales(1,000s)

Annual Promotional Expenditures($1.000s)

1

3.5

$12.60

2

7.2

15.5

3

3.1

10.8

4

1.6

8.7

5

8.9

20.3

6

5.7

21.9

7

6.3

25.6

8

9.1

14.3

9

10.2

15.1

10

7.3

18.7

11

2.5

9.6

12

4.6

12.7

13

8.1

16.3

14

2.5

8.1

15

3

7.5

16

4.8

12.4

17

10.2

17.3

18

5.1

11.2

19

11.3

18.5

20

10.4

16.7

Based on these data does it seem that the strength of the relationship between sales as well as promotional expenditures is adequate to warrant using a linear regression forecasting model? Describe your response.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923424

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