Thus use one column (column A) to enter Total Production Costs data and another column (column B) to enter Units Produced data. The monthly data in Table 5.4 "Monthly Production Costs for Bikes Unlimited" includes Total Production Costs and Units Produced. Using a new Excel spreadsheet, enter the data points in two columns. Look for the Load the Analysis ToolPak option and follow the instructions given. If Data Analysis does not appear, go to the help button (denoted as a question mark in the upper right-hand corner of the screen) and type Analysis ToolPak. If Data Analysis appears, you are ready to perform regression analysis. Go to the Data tab on the top menu bar and look for Data Analysis. Confirm that the Data Analysis package is installed. We now describe the steps to be performed in Excel to get this equation.
The resulting equation to estimate production costs is Y = $43,276 + $53.42X.
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