A manufacturing firm has developed a skills test, the scores from which can be used to predict workers' production rating factors. 1 Click the icon to view the data on the test scores of various workers and their subsequent production ratings. a. Using POM for Windows' least squares-linear regression module, develop a relationship to forecast production ratings from test scores. (Round your responses and include a minus sign if necessary.) Y= - 23 + .945 x where Y = Production rating and X= Test score. b. If a worker's test score was 54, what would be your forecast of the worker's production rating? (Enter your response as an integer.) More info Test Score 55 Production Rating 43 Test Score Production Rating 57 Worker Worker K 58 B 38 43 L 75 75 93 87 M 67 48 86 77 31 26 E 88 82 62 49 F 66 68 24 25 G 55 47 Q 78 84 Clear all 50 46 34 32 41 41 S 51 58 69 74 T 39 30

A manufacturing firm has developed a skills test, the scores from which can be used to predict workers' production rating factors. 1 Click the icon to view the data on the test scores of various workers and their subsequent production ratings. a. Using POM for Windows' least squares-linear regression module, develop a relationship to forecast production ratings from test scores. (Round your responses and include a minus sign if necessary.) Y= - 23 + .945 x where Y = Production rating and X= Test score. b. If a worker's test score was 54, what would be your forecast of the worker's production rating? (Enter your response as an integer.) More info Test Score 55 Production Rating 43 Test Score Production Rating 57 Worker Worker K 58 B 38 43 L 75 75 93 87 M 67 48 86 77 31 26 E 88 82 62 49 F 66 68 24 25 G 55 47 Q 78 84 Clear all 50 46 34 32 41 41 S 51 58 69 74 T 39 30

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter13: Regression And Forecasting Models

Section13.7: Exponential Smoothing Models

Problem 26P: The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel...

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The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?
Under what conditions might a firm use multiple forecasting methods?
The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?
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A manufacturing firm has developed a skills test, the scores from which can be used to predict workers’ production rating factors. Data on the test scores of various workers and their subsequent production ratings are shown.a. Using POM for Windows’ least squares-linear regression module, develop a relationship to forecast production ratings from test scores.b. If a worker’s test score was 80, what would be your forecast of the worker’s production rating?c. Comment on the strength of the relationship between the test scores and production ratings.
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