Explain what is the value of the coefficient, Operation Management

Assignment Help:

Forecasting

1. Briefly describe when qualitative versus quantitative forecasting methods would be used?

2. Linear Regression.

a. Describe what linear regression is and how it can be used.

b. Explain each variable in the equation: y = a + bx

c. Coefficient of Correlation, r.
- What does r measure?
- What values can r have and what do they mean?

d. Coefficient of Determination, r2.
- What does r measure?
- What values can r2 have and what do they mean?

3. Problem 4.35 on page 143 paraphrased: A real estate developer created a linear regression model to determine home prices. The price of the home (Y) is determined by the size (square footage = X). The model is: Y = 13,473 + 37.65X.
The coefficient of correlation is 0.63.

a. Use the model to predict the selling price of the house that is 1,860 square feet.

b. An 1,860 square foot house recently sold for $95,000. Explain why this is not what the model predicted.

c. If you were going to use multiple-regression to develop such a model, what other quantitative variables might you include?

d. What is the value of the coefficient of determination in this problem? What does this mean?


Related Discussions:- Explain what is the value of the coefficient

Explain mechanistic or organic organization, Does Mr. Goodnight want to cre...

Does Mr. Goodnight want to create more of a mechanistic or organic organization? Explain

What is a capacity cushion as well why would a firm have one, What is a cap...

What is a capacity cushion and why would a firm have one?

Operation planning and scheduling system, Operation Planning and Scheduling...

Operation Planning and Scheduling System Operation planning g and scheduling system concern the volume and timing of the outputs utilizations of the operations capacity and the

Describe modern healthcare systems, Discuss the Chaos Theory (Be sure to re...

Discuss the Chaos Theory (Be sure to read the lectures concerning this theory, as well as go through the additional links) in relation to the health care system today. In addition,

Design of work systems, A worker machine operation was found to involve 3.5...

A worker machine operation was found to involve 3.5 minutes of machine time per cycle in the course of 40 cycles of stopwatch study. The workers time averaged 2.3 minutes per cycle

Describe the similarities and differences among, Discuss the similarities a...

Discuss the similarities and differences among the organization, group, and job levels in open systems theory.

Explain if you agree abandoned the property, As an appellate judge, you hav...

As an appellate judge, you have been assigned the following court case. When Gayle Benz left her husband, Jeffrey, she left personal property valued at $10,000 at their residence.

Which leaders are agents of change, _____ leaders are agents of change beca...

_____ leaders are agents of change because they develop an appealing vision of the desired future state, communicate that vision in ways that are meaningful to others, make decisio

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd