A construction company employs three sales engineers. Engineers 1, 2, and 3 estimate the costs of 30%, 20%, and 50%, respectively, of all jobs bid by the company. For i = 1, 2, 3, define Ei to be the event that a job is estimated by engineer i. The following probabilities describe the rates at which the engineers make serious errors in estimating costs: P(error|E1) = .01, P(error|E2) = .03, and P(error|E3) = .02 %3D a. If a particular bid results in a serious error in estimating job cost, what is the probability that the error was made by engineer 1? b. If a particular bid results in a serious error in estimating job cost, what is the probability that the error was made by engineer 2? c. If a particular bid results in a serious error in estimating job cost, what is the probability that the error was made by engineer 3? d. Based on the probabilities, parts a-c, which engineer is most likely responsible for [d. making the serious error?
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
Need part D
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
