Question 24 (1 point) You work for a company in the marketing department. Your m

Question

Question 24 (1 point)

You work for a company in the marketing department. Your manager has tasked you with forecasting sales by month for the next year. You notice that over the past 12 months sales have consistently gone up in a linear fashion, so you decide to run a regression the company's sales history. You find that the regression equation for the data is (sales) = 100.785*(time) + 141.149. In August (time = 8) you see the actual sales quantity was 447.022. The residual is -500.407. Interpret this residual in terms of the problem.

Question 24 options:

1)

2)

3)

4)

5)

1)

The sales is 447.022 units less than than what we would expect.

2)

The month is 500.407 months larger than than what we would expect.

3)

The month is 500.407 months less than than what we would expect.

4)

The sales is 500.407 units greater than than what we would expect.

5)

The sales is 500.407 units less than than what we would expect.

Explanation / Answer

as residual =actual amount -predicted amount ; correct option is :

3)

3)

The month is 500.407 months less than than what we would expect.

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