Answered: Given the data below, what is the…

Given the data below, what is the simple linear regression model that can be used to predict sales in future weeks? Week 1 2 3 4 5 Sales 150 157 162 166 177

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter14: Pricing Strategies

Section14.2: Forecasting Demand

Problem 1LO

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

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Given the data below, what is the simple linear regression model that can be used to predict sales in future weeks?

Week	1	2	3	4	5
Sales	150	157	162	166	177

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