Cost Estimation, Regression Analysis Plantcity is a large nursery and retail store specializing…

Cost Estimation, Regression Analysis Plantcity is a large nursery and retail store specializing in house and garden plants and supplies. Jean Raouth, the assistant manager, is in the process of budgeting monthly supplies expense for 2010. She assumes that in some way supplies expense is related to sales, either in units or in dollars. She has collected these data for sales and supplies expenses for June 2007 through December 2009, and has estimated sales for 2010:

Date

Supplies Expense

Sales Units

Sales Dollars

Jun 2007

$2,745

354

$2,009

Jul

3,200

436

2,190

Aug

3,232

525

2,878

Sep

2,199

1 45

1,856

Oct

2,321

199

2,168

Nov

3,432

543

2,152

Dec

4,278

1,189

2,463

Jan 2008

2,310

212

1,999

Feb

2,573

284

2,190

Mar

2,487

246

1,894

Apr

2,484

278

2,134

May

3,384

498

3,210

Jun

2,945

424

2,850

Jul

2,758

312

2,265

Aug

3,394

485

2,435

Sep

2,254

188

1,893

Oct

2,763

276

2,232

Nov

3,245

489

3,004

Dec

4,576

1,045

3,309

Jan 2009

2,103

104

2,195

Feb

2,056

167

2,045

Mar

3,874

298

2,301

Apr

2,784

398

2,345

May

2,345

187

1,815

Jun

2,912

334

2,094

Jul

2,093

264

1,934

Aug

2,873

333

2,054

Sep

2,563

1 43

1,977

Oct

2,384

245

1,857

Nov

2,476

232

2,189

Dec

3,364

1 ,1 22

3,433

Jan 2010 (estimated)

180

$1,600

Feb

230

2,000

Mar

190

1,900

Apr

450

2,400

May

350

2,300

Jun

350

2,300

Jul

450

2,500

Aug

550

3,000

Sep

300

2,500

Oct

300

2,500

Nov

450

3,200

Dec

950

3,900

Required

1. Develop the regression that Jean should use based on these data and use the regression procedure in Excel or an equivalent regression software program. Evaluate the reliability and precision of the regression you have chosen.


2. What are the predicted monthly figures for supplies expense for 2010?

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