The following data on the number of iron workers in the United States for the years 1978 through 2008 are provided by the U.S. Bureau of Labor Statistics. Using regression techniques discussed in this section, analyze the data for trend. Develop a scatter plot of the data and fit the trend line through the data. Discuss the strength of the model.
LS430: Managed Care and Insurance Issues Unit 5 [GB513| Business Analytics] 1 Assignment The following data on the number of iron workers in the United States for the years 1978 through 2008 are provided by the U.S. Bureau of Labor Statistics. Using regression techniques discussed in this section, analyze the data for trend. Develop a scatter plot of the data and fit the trend line through the data. Discuss the strength of the model. Year Union members (1000’s) 1978 17,340 1979 16,996 1980 16,975 1981 16,913 1982 17,002 1983 16,960 1984 16,740 1985 16,568 1986 16,390 1987 16,598 1988 16,748 1989 16,360 1990 16,269 1991 16,110 1992 16,211 1993 16,477 1994 16,334 1995 16,305 1996 16,145 1997 15,776 1998 15,472 1999 16,685 2000 15,359 Unit 5 [GB513| Business Analytics] 2 2001 16,670 2002 16,098 2003 16,212 2004 16,316 2005 16,718 2006 16,707 2007 16,113 2008 15,128 Remember to show all work.