BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
14th Edition
ISBN: 9780134685045
Author: BERENSON
Publisher: PEARSON
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Chapter 14, Problem 72PS
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 and the number of pieces of large furniture as the independent variables and has collected data for 36 movers in which the origin and destination were within the borough of Manhattan in New York City and the travel time was an insignificant portion of the hours worked. The data are organized and stored in moving.
a. State the multiple regression equation.
b. Interpret the meaning of the slopes in the equation.
c. Predict the mean labor hours for moving 500 cubic feet with two large pieces of furniture.
d. Perform a residual analysis on your model and determine whether the regression assumptions are valid.
e. Determine whether there is a significant relationship between labour hours and two independent variables (the number of cubic feet moved and the number of pieces of large furniture) at the 0.05 level of significance.
f. Determine the p-values in (i) and interpret their meaning.
k. Construct a 95% confidence
l. Compute and interpret the coefficients of partial determination.
m. What conclusions can you reach concerning labor hours?
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The owner of a moving company typically has their most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. The approach has proven useful in the past, but the owner has their 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 has collected data for 36 moves. The data is seen below:
Hours
Feet
24.00
545
13.50
400
26.25
562
25.00
540
9.00
220
20.00
344
22.00
569
11.25
340
50.00
900
12.00
285
38.75
865
40.00
831
19.50
344
18.00
360
28.00
750
27.00
650
21.00
415
15.00
275
25.00
557
45.00
1028
29.00
793
21.00
523
22.00
564
16.50
312
37.00
757
32.00
600
34.00
796
25.00
577…
The sales manager of a large automotive parts distributor wants to estimate the total annual sales for each of the company’s regions. Three factors appear to be related to regional sales: the number of retail outlets in the region, the total personal income of the region, and the number of cars registered in the region. The following table shows the data for 10 regions that were gathered for last year sales.
The excel data file for this problem is:final exam question 6B spring 2021.xlsx
Region
Annual sales ($ million)
Number of retail outlets
Number of automobiles registered (million)
Personal income ($ billion)
1
37.702
1,739
9.27
85.4
2
24.196
1,221
5.86
60.7
3
32.055
1,846
8.81
68.1
4
3.611
120
4.81
20.1
5
17.625
1,096
10.31
33.8
6
45.919
2,290
11.62
95.1
7
29.600
1,687
8.96
69.3
8
8.114
241
6.28
16.5
9
20.116
649
7.77
34.9
10
12.994
1,427
10.92…
The quadratic model for the given data is wrong.
Chapter 14 Solutions
BASIC BUSINESS STATISTICS-STUD.SOLN.MAN
Ch. 14 - For this problem, use the following multiple...Ch. 14 - For this problem, use the following multiple...Ch. 14 - A nonprofit analyst seeks to determine which...Ch. 14 - Profitability remains a challenge for banks and...Ch. 14 - The production of wine is a multibillion-dollar...Ch. 14 - Human resource managers face the business problem...Ch. 14 - Prob. 7PSCh. 14 - Prob. 8PSCh. 14 - The following ANOVA summary table is for a...Ch. 14 - The following ANOVA summary table is for a...
Ch. 14 - A financial analyst engaged in business valuation...Ch. 14 - In Problem 14.3 on page 541, you predicted...Ch. 14 - In Problem 14.5 on page 542, you used the...Ch. 14 - In Problem 14.4 on page 541, you used efficiency...Ch. 14 - In Problem 14.7 on page 542, you used the weekly...Ch. 14 - Prob. 16PSCh. 14 - Prob. 17PSCh. 14 - Prob. 18PSCh. 14 - In Problem 14.5 on page 542, you used the...Ch. 14 - Prob. 20PSCh. 14 - Prob. 21PSCh. 14 - Prob. 22PSCh. 14 - Prob. 23PSCh. 14 - Prob. 24PSCh. 14 - In Problem 14.3 on page 541, you predicted...Ch. 14 - In Problem on page 541, you used efficiency ratio...Ch. 14 - Prob. 27PSCh. 14 - In Problem 14.6 on page 542, you used full-time...Ch. 14 - Prob. 29PSCh. 14 - Prob. 30PSCh. 14 - The following is the ANOVA summary table for a...Ch. 14 - The following is the ANOVA summary table for a...Ch. 14 - In Problem 14.5 on page 542, you used alcohol...Ch. 14 - In Problem 14.4 on page 541, you used efficiency...Ch. 14 - Prob. 35PSCh. 14 - In Problem 14.6 on page 542, you used full-time...Ch. 14 - Prob. 37PSCh. 14 - Suppose X1 is a numerical variable and X2 is a...Ch. 14 - The chair of the accounting department plans to...Ch. 14 - A real estate association in a suburban community...Ch. 14 - In Problem 14.5 on page 542, you developed a...Ch. 14 - In mining engineering, holes are often drilled...Ch. 14 - The owner of a moving company typically has his...Ch. 14 - Prob. 44PSCh. 14 - Zagat’s publishes restaurant rating for various...Ch. 14 - In Problem 14.6 on page 542, you used full-time...Ch. 14 - In Problem 14.5 on page 542, the percentage of...Ch. 14 - Prob. 48PSCh. 14 - The director of a training program for a large...Ch. 14 - Prob. 50PSCh. 14 - Prob. 51PSCh. 14 - Prob. 52PSCh. 14 - Prob. 53PSCh. 14 - Prob. 54PSCh. 14 - Prob. 55PSCh. 14 - Prob. 56PSCh. 14 - Prob. 57PSCh. 14 - An automotive insurance company wants to predict...Ch. 14 - A marketing manager wants to predict customer with...Ch. 14 - A local supermarket manager wants to use two...Ch. 14 - Prob. 61PSCh. 14 - Prob. 62PSCh. 14 - Prob. 63PSCh. 14 - Prob. 64PSCh. 14 - Prob. 65PSCh. 14 - Prob. 66PSCh. 14 - Prob. 67PSCh. 14 - Prob. 68PSCh. 14 - Prob. 69PSCh. 14 - Prob. 70PSCh. 14 - Prob. 71PSCh. 14 - The owner of a moving company typically has his...Ch. 14 - Professional basketball has truly become a sport...Ch. 14 - A sample of 61 house recently listed for sale in...Ch. 14 - Measuring the height of a California redwood tree...Ch. 14 - A sample of 61 houses recently listed for sale in...Ch. 14 - Prob. 77PSCh. 14 - Referring to Problem 14.77, Suppose that an...Ch. 14 - Prob. 79PSCh. 14 - Prob. 80PSCh. 14 - Prob. 81PSCh. 14 - Prob. 82PSCh. 14 - Prob. 83PS
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