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QUESTION

# The Farr-Kroger Classic is a women’s professional golf tournament played each year in Ohio.Listed below are the total purse winnings (the amount of money that is distributed to the topgolfers) and t

The Farr-Kroger Classic is a women’s professional golf tournament played each year in Ohio.Listed below are the total purse winnings (the amount of money that is distributed to the topgolfers) and the prize for the winner for the 15 years from 1991 through 2005. The operators ofthis golf tournament believe that there is a relationship between the purse winnings and theprize and the prize is related to the purse winnings. In addition to the data provided, some ofthe possible linear regression relationships are provided. These might be of help in youranalysis.

a) Develop a projection for the amount of the prize for the winner for the year 2008 if the pursewinnings for that year are projected to be \$996,430. As part of your answer, include theindependent and dependent variables and the accompanying linear regression relationship.

b) Now let’s suppose that we believe the prize for the winner is a function of time (dependenton time). Given this belief, develop a projection for the amount of the prize for the winner forthe year 2008 and discuss your results compared to what you found in part a)

c) Would you recommend using the forecasts you found in parts a) and b) based on thestrengths of the relationship? Why?