In Problem 13.6 on page 531, an owner of a moving company wanted to predict labor hours, based on the cubic feet moved (stored in Moving). Using the results of that problem,
a. Determine the coefficient of determination, r2, and interpret its meaning.
b. determine the standard error of the estimate.
c. How useful do you think this regression model is for predicting labor hours?
In problem
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 as the independent variable and has collected data for 36 moves in which the origin and destination were within the borough of Manhattan in NewYork City and in which the travel time was an insignificant portion of the hours worked. The data are stored in Moving.