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ABC Company is interested in understanding the relationship between is monthly sales with its monthly advertising...

ABC Company is interested in understanding the relationship between is monthly sales with its monthly advertising expenses and monthly number of promotions (e.g. buy one item and get one item free, and similar promotions). One good way to understand how monthly advertising expenses and monthly number of promotions would be to use:

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A confidence interval for monthly sales

A hypothesis test for monthly sales

ANOVA for monthly sales versus monthly advertising expenses and monthly number of promotions

A multiple linear regression model in which monthly sales would be the dependent variable and the independent variables would be monthly advertising expenses and monthly number of promotions

A control chart which depicts monthly sales, monthly advertising expenses and monthly number of promotions

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Answer #1

Control charts, also known as Shewhart charts or process-behavior charts, are a statistical process control tool used to determine if a manufacturing or business process is in a state of control. It is more appropriate to say that the control charts are the graphical device for Statistical Process Monitoring.

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