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A large department store has collected the following monthly data on lost sales revenue due to theft and the number of security guard hours on duty:

Lost Sales Revenue
($000s)   Total Security Guard hours   Lost Sales Revenue
($000s)   Total Security Guard hours
1.0   600   1.8   950
1.4   630   2.1   1300
1.9   1000   2.3   1350
2.0   1200      

(a) Determine the least squares regression equation.
(b) Using the results of part (a), find the estimated lost sales revenues if the total number of security guard hours is 800.
(c) Calculate the coefficient of correlation.
(d) Calculate the coefficient of determination.
Textbook 
Quantitative Analysis for Management

Quantitative Analysis for Management


Edition: 12th
Authors:
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