What is this regression relationship and how strong is this

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1) The Security National Bank is considering two locations for a new branch.  The two choices are a major mall and a strip mall.  The site selection team is evaluating two sites, and they have scored the critical success factors for each as shown below.  The weights reflect the same relative importance as we have used in class. They want to use these ratings to compare the locations.

Critical Success Factor

Factor Weight

Major Mall Site

Strip Mall Site

Relocation cost

0.30

$190,000

$240,000

Customer service

0.40

2.5

3.0

Service quality

0.10

1.8

2.4

Security and safety

0.10

2.4

1.8

Market share

0.10

1.8

2.1

The non-economic scores are on a 0 to 3.0 basis with 3.0 being best and it is possible to achieve the 3.0 score. 

a) Using the factor scoring (rating) method as we learned in class, which site should Security National Bank use based on the above information? 

b)  Suppose the 3.0 value for the Customer Service for the Strip Mall Site is questionable.  At what Customer Service score for the Strip Mall Site would the bank change its decision from what it found in a)?

2) The registrar at State University believes that decreases in the number of freshman applications that have been experienced are directly and linearly related to tuition increases. They have collected the following enrollment and tuition data for the past ten years:

Year

1

2

3

4

5

6

7

8

9

10

Freshman Applications

6010

5560

6100

5330

4980

5870

5120

4750

4615

4100

Annual Tuition ($)

3600

3600

4000

4400

4500

5700

6000

6000

7500

8000

Your work must reflect the correct independent and dependent variables based on the problem statements.  This is part of the solution that is required.

a) Evaluate the registrar's belief that there is a direct relationship between the number of freshman applications as the tuition increases. What is this regression relationship and how strong is this relationship?

b) What is the expected number of applications if tuition increases to $10,000 per year?

c) Looking at the annual tuition for the past ten years, the Levy family believes that there is only a relationship between time (expressed as the Year) and the tuition.  They want to plan on the total tuition for a four year college degree for their son who will be applying and if accepted enrolling beginning in year 12.  What should they budget for the tuition by year for each of the four years?  How strong is the relationship you are using?

Reference no: EM13725723

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