What level of energy use would the model

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Reference no: EM131135086

The Energy Conservation Committee at National Electronics Company is trying to understand energy use at their plant. As a first step, the committee wants to build a model that will predict monthly energy use as a function of production volumes (Production), daily outside tempera-ture (Temperature), and number of workdays (Days). The following table summarizes the data they have been able to collect for the previous year.

Month

Energy
use

Temperature

Days

Production

1

450

42

24

121

2

442

56

21

116

3

499

62

24

132

4

484

68

25

109

5

479

78

25

115

6

507

85

26

119

7

515

89

25

118

8

501

81

24

116

9

513

73

24

132

10

480

67

25

127

11

492

58

24

122

12

466

50

23

117

a. Build a linear model to predict energy use based on all three potential explanatory variables.

b. What level of energy use would the model in (a) predict for a month in which there was an average temperature of 44, monthly production of 120, and 25 days of work at the plant?

c. What percentage of the variability in energy use is accounted for by the model in (a)?

d. According to the model in (a), what are the marginal impacts on energy use of a one-unit increase in temperature and a one-unit increase in production?

e. Evaluate each of the four regression parameters in (a) to determine whether any are likely to be zero. Eliminate those parameters with a high probability of being zero from the model and estimate a new model. Compare the advantages and disadvantages of this model to the one in (a).

Reference no: EM131135086

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