Question

In: Statistics and Probability

The owner of a moving company usually has her most experienced manager predict the total number...

The owner of a moving company usually has her most experienced manager predict the total number of labor hours required to complete a move. While useful, the owner is interested in a more accurate method of predicting the number of labor hours required. As a preliminary effort, data was collected on the number of work hours required to complete a move, number of cubic feet moved, the number of large pieces, and if an elevator was present.

How much correlation is there between the variables?

How much of the variability in strength is explained by the predictors?

Which of the predictor variables are significant at the 0.05 level?

At the 0.05 level of significance, what is the conclusion about the overall model hypothesis test?

What is the 90% confidence interval around the variable Elevator?

How are the degrees of freedom residuals computed?

At α = 0.001, is the overall model significant?

Estimate the number of hours required when 325 cubic feet are moved with 3 large pieces of furniture and no elevator is present.

Estimate the number of hours required when 425 cubic feet are moved with 7 large pieces of furniture and an elevator is present.

Estimate the number of hours required when 375 cubic feet are moved with 2 large pieces of furniture and no elevator is present.

Hours Feet Large Elevator
24.00 545 3 Yes
13.50 400 2 Yes
26.25 562 2 No
25.00 540 2 No
9.00 220 1 Yes
20.00 344 3 Yes
22.00 569 2 Yes
11.25 340 1 Yes
50.00 900 6 Yes
12.00 285 1 Yes
38.75 865 4 Yes
40.00 831 4 Yes
19.50 344 3 Yes
18.00 360 2 Yes
28.00 750 3 Yes
27.00 650 2 Yes
21.00 415 2 No
15.00 275 2 Yes
25.00 557 2 Yes
45.00 1028 5 Yes
29.00 793 4 Yes
21.00 523 3 Yes
22.00 564 3 Yes
16.50 312 2 Yes
37.00 757 3 No
32.00 600 3 No
34.00 796 3 Yes
25.00 577 3 Yes
31.00 500 4 Yes
24.00 695 3 Yes
40.00 1054 4 Yes
27.00 486 3 Yes
18.00 442 2 Yes
62.50 1249 5 No
53.75 995 6 Yes
79.50 1397 7 No

Solutions

Expert Solution

using excel>data analysis>Regression

we have

Regression Analysis
Regression Statistics
Multiple R 0.9806
R Square 0.9616
Adjusted R Square 0.9579
Standard Error 3.0557
Observations 36
ANOVA
df SS MS F Significance F
Regression 3 7472.6419 2490.8806 266.7649 0.0000
Residual 32 298.7956 9.3374
Total 35 7771.4375
Coefficients Standard Error t Stat P-value Lower 90% Upper 90%
Intercept 2.9904 1.9078 1.5674 0.1268 -0.2412 6.2221
Feet 0.0256 0.0038 6.8015 0.0000 0.0192 0.0320
Large 5.0424 0.7216 6.9882 0.0000 3.8201 6.2646
Elevator -6.7683 1.3821 -4.8972 0.0000 -9.1093 -4.4272

09806 , strong correlation is there between the variables.

95.79 % variability in strength is explained by the predictors.

All the predictor variables are significant at the 0.05 level because p-value is less than 0.05.

At the 0.05 level of significance, the conclusion about the overall model hypothesis test is statistically significant because the p-value of the overall model is less than 0.05.

the 90% confidence interval around the variable Elevator is (-9.1093, -4.4272)

the degrees of freedom residuals computed is 32

At α = 0.001, yes the overall model significant because the p-value is less than 0.001.

the number of hours required when 325 cubic feet are moved with 3 large pieces of furniture and no elevator is present is

Hours = 2.9904 +0.0256 feet +5.0424 Large -6.7683 elevator

= 2.9904 +0.0256*325 +5.0424 *3 -6.7683 *0

= 26.4376 hours

the number of hours required when 425 cubic feet are moved with 7 large pieces of furniture and an elevator is present is

hours =2.9904 +0.0256*425 +5.0424 *7-6.7683 *1

= 42.3989 hours

the number of hours required when 375 cubic feet are moved with 2 large pieces of furniture and no elevator is present is

hours =2.9904+0.0256*375 +5.0424 *2-6.7683 *0

= 22.6752 hours


Related Solutions

The owner of a moving company typically has his most experienced manager predict the total number...
The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of predicting labor hours. In a preliminary effort to provide a more accurate method, the owner has decided to use the number of cubic feet moved as the independent variable and...
13.50 The owner of a moving company typically has his most experienced manager predict the total...
13.50 The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business ob-jective of developing a more accurate method of predicting labor hours. In a preliminary effort to provide a more accurate method, the owner has decided to use the number of cubic feet moved and the number of...
13.50 The owner of a moving company typically has his most experienced manager predict the total...
13.50 The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business ob-jective of developing a more accurate method of predicting labor hours. In a preliminary effort to provide a more accurate method, the owner has decided to use the number of cubic feet moved and the number of...
13.50 The owner of a moving company typically has his most experienced manager predict the total...
13.50 The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business ob-jective of developing a more accurate method of predicting labor hours. In a preliminary effort to provide a more accurate method, the owner has decided to use the number of cubic feet moved and the number of...
13.18 In problem 13.6 on page 501, an owner of a moving company wanted to predict...
13.18 In problem 13.6 on page 501, an owner of a moving company wanted to predict the labor hours, based on cubic feet moved (stored in Moving). Using the results of that problem, A) Determine the coefficient of determination, r2, and interpret its meaning. B) Determine the standard error of the estimate C) How useful do you think this regression model is for predicting labor hours? Here is problem 13.6 on page 501. The owner of a moving company typically...
1.A quality manager is developing a regression model to predict the total number of defects as...
1.A quality manager is developing a regression model to predict the total number of defects as a function of the day of week the item is produced. Production runs are done 10 hours a day, 7 days a week. The dependent variable is ______. b) number of production runs c) number of defects d) production run e) percentage of defects 2) In the equation y = m x + b, which represents a straight lime, b is the __________. a)...
Sally, a brand manager is considering several options for her company. Her company has recently developed...
Sally, a brand manager is considering several options for her company. Her company has recently developed and test marketed a new brand in a regional market. Based on the market test data, it appears that her customers like the new brand. However, during the market test, her competitors were not running any heavy promotions for their own brands. Sally feels there is a 60% chance that her competitors will run heavy promotions with their own brands if she launches her...
Scenario: Susan, a recruiting manager, asks Beth, one of her employees and an experienced recruiter, to...
Scenario: Susan, a recruiting manager, asks Beth, one of her employees and an experienced recruiter, to begin the process of opening a new position at their company. Beth calls Susan and tells her that she will not open the position, since she doesn’t feel it’s her responsibility. Susan tells Beth that she can assign this task to any of the 17 recruiters on the team. Beth continues to voice her unwillingness to do what’s asked of her. -What steps or...
The total owners’ equity is usually under a number of subcaptions on the corporation’s balance sheet....
The total owners’ equity is usually under a number of subcaptions on the corporation’s balance sheet. Required: a. List the major subdivisions of the stockholders’ equity section of a corporate balance sheet and describe briefly the nature of the amounts that will appear in each section. b. Explain fully the reasons for subdividing the amount of stockholders’ equity, including legal, accounting, and other considerations. c. Describe three kinds of transactions that will result in paid-in or permanent capital in excess...
Interindustry competition means that: Group of answer choices in most industries there are usually a number...
Interindustry competition means that: Group of answer choices in most industries there are usually a number of firms producing identical products. in oligopolistic industries a few large firms compete with one another in bidding down product price. firms that sell a product at one stage of production are faced with firms that buy the product at the next stage of production. in some markets the producers of a particular product might face competition from products produced by other industries.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT