A Rendering Plant Wishes to Use the Data (Sales Records

question 74

Essay

A rendering plant wishes to use the data (sales records from a few local businesses and the month of the year) to help determine their supply level for the coming months. The records shown in the table provide an excellent opportunity for you to assist them with their forecasting.
$$\begin{array} { | c | c | c | } \hline \text { Month } & \text { Sales } & \text { Pounds } \\\hline \text { Tanuary } & 45 & 54.3 \\\hline \text { February } & 57 & 63.8 \\\hline \text { March } & 32 & 39.5 \\\hline \text { April } & 44 & 49.8 \\\hline \text { May } & 51 & 52.3 \\\hline \text { Tune } & 34 & 39.9 \\\hline\end{array}$$
-What is the regression equation resulting from using both the month (where January=1, February=2, etc.) and the level of Sales to forecast Pounds?

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Definitions:

Rational Choice Paradigm

A theory suggesting that individuals always make prudent and logical decisions that provide them with the highest amount of personal utility.

Effective Decision Makers

Individuals who are able to make choices by identifying and choosing the best alternatives based on the values and preferences of the decision maker.

Unconscious Process

Psychological activities within an individual that occur without their conscious awareness, influencing thoughts, feelings, and behaviors.

Desirable State

A condition or situation that is regarded as preferable or ideal by an individual or group.