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Data Analysis And Decision Making 4th Edition Christian Albright, Wayne Winston, Christopher Zappe - Solutions

Estimate the relationship between monthly electrical power usage (Y) and home size (X) using the data in the file P10_13.xlsx. Interpret your results. How well does a simple linear regression equation explain the variation in monthly electrical power usage?
The file P02_12.xlsx includes data on the 50 top graduate programs in the United States, according to a recent U.S. News & World Report survey. Columns B, C, and D contain ratings: an overall rating, a rating by peer schools, and a rating by recruiters. The other columns contain data that might be
If you haven’t already done Problem 6 on 2006–2007 movies, do it now. The scatter plots of Total US Gross versus 7-day Gross or 14-day Gross indicate some possible outliers at the right—the movies that did great during their first week or two. Identify these outliers (you can decide how many
A trucking company wants to predict the yearly maintenance expense (Y) for a truck using the number of miles driven during the year (X1) and the age of the truck (X2, in years) at the beginning of the year. The company has gathered the data given in the file P10_16.xlsx, where each observation
DataPro is a small but rapidly growing firm that provides electronic data-processing services to commercial firms, hospitals, and other organizations. For each of the past 12 months, DataPro has tracked the number of contracts sold, the average contract price, advertising expenditures, and personal
An antique collector believes that the price received for a particular item increases with its age and with the number of bidders. The file P10_18.xlsx contains data on these three variables for 32 recently auctioned comparable items.a. Estimate a multiple regression equation using the given data.
Stock market analysts are continually looking for reliable predictors of stock prices. Consider the problem of modeling the price per share of electric utility stocks (Y). Two variables thought to influence this stock price are return on average equity (X1) and annual dividend rate (X2). The stock
The manager of a commuter rail transportation system was recently asked by her governing board to determine which factors have a significant impact on the demand for rides in the large city served by the transportation network. The system manager collected data on variables thought to be possibly
Consider the enrollment data for Business Week’s top U.S. graduate business programs in the file P10_21.xlsx. Use the data in the MBA Data sheet to estimate a multiple regression equation to assess whether there is a relationship between the total number of full-time students (Enrollment) and the
A regional express delivery service company recently conducted a study to investigate the relationship between the cost of shipping a package (Y), the package weight (X1), and the distance shipped (X2). Twenty packages were randomly selected from among the large number received for shipment, and a
The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The entire data set appears in the file P10_23.xlsx.a. Estimate a simple linear regression equation involving annual sales (the dependent
Continuing Problem 8 on the 2009 golfer data in the file P10_08.xlsx, the simple linear regressions for Earnings per Round were perhaps not as good as you expected. Explore several multiple regressions for Earnings per Round, using the variables in columns I–M and R. Proceed as follows.a. Create
Using the sample data given in the file P10_10.xlsx, use multiple regressions to predict the selling price of houses in a given community. Proceed as follows.a. Add one explanatory variable at a time and estimate each regression equation along the way.Report and explain changes in the standard
In a study of housing demand, a county assessor is interested in developing a regression model to estimate the selling price of residential properties within her jurisdiction. She randomly selects 15 houses and records the selling price in addition to the following values: the size of the house (in
A manager of boiler drums wants to use regression analysis to predict the number of worker-hours needed to erect the drums in future projects. Data for 36 randomly selected boilers have been collected. In addition to worker-hours (Y), the variables measured include boiler capacity, boiler design
Suppose that a regional express delivery service company wants to estimate the cost of shipping a package (Y) as a function of cargo type, where cargo type includes the following possibilities: fragile, semi fragile, and durable. Costs for 15 randomly chosen packages of approximately the same
The file P10_11.xlsx contains annual observations (in column B) of the American minimum wage. The basic question here is whether the minimum wage has been growing at roughly a constant rate over this period. a. Create a time series graph for these data. Comment on the observed behavior of the
Estimate a regression equation that adequately estimates the relationship between monthly electrical power usage (Y) and home size (X) using the data in the file P10_13.xlsx. Interpret your results. How well does your model explain the variation in monthly electrical power usage?
An insurance company wants to determine how its annual operating costs depend on the number of home insurance (X1) and automobile insurance (X2) policies that have been written. The file P10_31.xlsx contains relevant information for 10 branches of the insurance company. The company believes that a
Suppose that an operations manager is trying to determine the number of labor hours required to produce the ith unit of a certain product. Consider the data provided in the file P10_32.xlsx. For example, the second unit produced required 517 labor hours, and the 600th unit required 34 labor
The human resources manager of DataCom, Inc., wants to predict the annual salaries of given employees using the potential explanatory variables in the file P10_05.xlsx.a. Estimate an appropriate multiple regression equation to predict the annual salary of a given DataCom employee using all of the
Does the rate of violent crime acts vary across different regions of the United States? Answer this with the (somewhat old), 1999 data in the file P10_34.xlsx as requested below.a. Estimate an appropriate regression model to explain the variation in violent crime rate across the four given regions
Continuing Problems 6 and 15 on the 2006–2007 movie data in the file P02_02.xlsx, create a new variable Total Revenue that is the sum of Total US Gross, International Gross, and US DVD Sales. How well can this new variable be predicted from the data in columns C–F? For Distributor, relabel the
Continuing Problem 18, suppose that the antique collector believes that the rate of increase of the auction price with the age of the item will be driven upward by a large number of bidders. How would you revise the multiple regression equation developed previously to model this feature of the
Continuing Problem 19, revise the previous multiple regression equation to include an interaction term between the return on average equity (X1) and annual dividend rate (X2).a. Estimate your revised equation using the data provided in the file P10_19.xlsx.b. Interpret each of the estimated
Continuing Problem 22, suppose that one of the managers of this regional express delivery service company is trying to decide whether to add an interaction term involving the package weight (X1) and the distance shipped (X2) in the previous multiple regression equation.a. Why would the manager want
Many companies manufacture products that are at least partially produced using chemicals (e.g., paint, gasoline, and steel). In many cases, the quality of the finished product is a function of the temperature and pressure at which the chemical reactions take place. Suppose that a particular
A power company located in southern Alabama wants to predict the peak power load (i.e., the maximum amount of power that must be generated each day to meet demand) as a function of the daily high temperature (X). A random sample of 25 summer days is chosen, and the peak power load and the high
Management of a home appliance store would like to understand the growth pattern of the monthly sales of Blu-ray disc players over the past two years. Managers have recorded the relevant data in the file P10_09.xlsx.a. Create a scatter plot for these data. Comment on the observed behavior of
A small computer chip manufacturer wants to forecast monthly operating costs as a function of the number of units produced during a month. The company has collected the 16 months of data in the file P10_42.xlsx. a. Determine an equation that can be used to predict monthly production costs from
The file P02_07.xlsx includes data on 204 employees at the (fictional) company Beta Technologies. a. Create a recoded version of Education, where 0 or 2 is recoded as 1, 4 is recoded as 2, and 6 or 8 is recoded as 3. Then create dummy variables for these three categories.b. Use pivot tables to
The file P10_44.xlsx contains data that relate the unit cost of producing a fuel pressure regulator to the cumulative number of fuel pressure regulators produced at an automobile production plant. For example, the 4000th unit cost $13.70 to produce. a. Fit a learning curve to these data. b. You
The beta of a stock is found by running a regression with the monthly return on a market index as the explanatory variable and the monthly return on the stock as the dependent variable. The beta of the stock is then the slope of this regression line.a. Explain why most stocks have a positive
Continuing the previous problem, explore whether the beta for these companies changes through time. For example, are the betas based on 1990s data different from those based on 2000s data? Or are data based on only five years of data different from those based on longer time periods?
The file Catalog Marketing.xlsx contains recent data on 1000 HyTex customers. a. Create a pivot table of average amount spent versus the number of catalogs sent. Is there any evidence that these two variables are related? Would it make sense to enter Catalogs, as is, in a regression equation for
The file P10_48.xlsx contains monthly sales and price of a popular candy bar.a. Describe the type of relationship between price and sales (linear/nonlinear, strong/weak).b. What percentage of variation in monthly sales is explained by variation in price? What percentage is unexplained?c. If the
The file P10_49.xlsx contains the amount of money spent advertising a product and the number of units sold for eight months.a. Assume that the only factor influencing monthly sales is advertising. Fit the following three curves to these data: linear (Y = a + bX), exponential (Y = abX), and
A golf club manufacturer is trying to determine how the price of a set of clubs affects the demand for clubs. The file P10_50.xlsx contains the price of a set of clubs and the monthly sales.a. Assume the only factor influencing monthly sales is price. Fit the following three curves to these data:
The file P03_55.xlsx lists the average salary for each Major League Baseball (MLB) team from 2004 to 2009, along with the number of team wins in each of these years.a. Rearrange the data so that there are four long columns: Team, Year, Salary, and Wins. There should be 6*30 values for each. b.
Repeat the previous problem with the basketball data in the file P03_56.xlsx. a. Rearrange the data so that there are four long columns: Team, Year, Salary, and Wins. There should be 6*30 values for each. b. Create a scatter plot of Wins (Y) versus Salary (X). Is there any indication of a
Repeat Problem 51 with the football data in the file P03_57.xlsx. a. Rearrange the data so that there are four long columns: Team, Year, Salary, and Wins. There should be 6*30 values for each. b. Create a scatter plot of Wins (Y) versus Salary (X). Is there any indication of a relationship between
The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced are the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file
The auditor of Kiely Manufacturing is concerned about the number and magnitude of year-end adjustments that are made annually when the financial statements of Kiely Manufacturing are prepared. Specifically, the auditor suspects that the management of Kiely Manufacturing is using discretionary
The file P10_56.xlsx contains some interesting data on the U.S. presidential elections from 1880 through 2008. The variable definitions are on the Source sheet. The question is whether the Vote variable can be predicted very well from the other variables. a. Create pivot tables and/or scatter plots
We stated in the beginning of the chapter that regression can be used to understand the way the world works. That is, you can look at the regression coefficients (their signs and magnitudes) to see the effects of the explanatory variables on the dependent variable. However, is it possible that
The file P02_35.xlsx contains data from a survey of 500 randomly selected households. For this problem, use Monthly Payment as the dependent variable in several regressions, as explained below. a. Beginning with Family Size, iteratively add one explanatory variable and estimate the resulting
In the 1994 congressional election, the Republican candidate outpolled the Democratic candidate by 400 votes (excluding absentee ballots). The Democratic candidate outpolled the Republican candidate by 500 absentee votes. The Republican candidate sued (and won), claiming that vote fraud must have
In the world of computer science, Moore’s law is famous. Although there are various versions of this law, they all say something to the effect that computing power doubles every two years. Several researchers estimated this law with regression using real data in 2006. Their paper can be found
For each of the top 25 business schools, the file P10_61.xlsx contains the average salary of a professor. Thus, for Indiana University (number 15 in the rankings), the average salary is $46,000. Use this information and regression to show that IU is doing a great job with its available resources.
Suppose the correlation between the average height of parents and the height of their firstborn male child is 0.5. You are also told that:• The average height of all parents is 66 inches. • The standard deviation of the average height of parents is 4 inches.• The average height of all male
Do increased taxes increase or decrease economic growth? The file P10_63.xlsx lists tax revenues as a percentage of gross domestic products (GDP) and the average annual percentage growth in GDP per capita for nine countries during the years 1970 through 1994. Do these data support or contradict the
For each of the four data sets in the file P10_64.xlsx, calculate the least squares line. For which of these data sets would you feel comfortable in using the least squares line to predict Y?
Suppose you run a regression on a data set of Xs and Ys and obtain a least squares line of Y = 12 - 3X.a. If you double each value of X, what is the new least squares line?b. If you triple each value of Y, what is the new least squares line?c. If you add 6 to each value of X, what is the new least
The file P10_66.xlsx contains monthly cost accounting data on overhead costs, machine hours, and direct material costs. This problem will help you explore the meaning of R2 and the relationship between R2 and correlations.a. Create a table of correlations between the individual variables.b. If you
The file P10_67.xlsx contains hypothetical starting salaries for MBA students directly after graduation. The file also lists their years of experience prior to the MBA program and their class rank in the MBA program (on a 0–100 scale).a. Estimate the regression equation with Salary as the
In a study published in 1985 in Business Horizons, Platt and McCarthy employed multiple regression analysis to explain variations in compensation among the CEOs of large companies. Their primary objective was to discover whether levels of compensations are affected more by short-run
The Wilhoit Company has observed that there is a linear relationship between indirect labor expense and direct labor hours. Data for direct labor hours and indirect labor expense for 18 months are given in the file P10_69.xlsx. At the start of month 7, all cost categories in the Wilhoit Company
The Bohring Company manufactures a sophisticated radar unit that is used in a fighter aircraft built by Seaways Aircraft. The first 50 units of the radar unit have been completed, and Bohring is preparing to submit a proposal to Seaways Aircraft to manufacture the next 50 units. Bohring wants to
The Firm Chair Company manufactures customized wood furniture and sells the furniture in large quantities to major furniture retailers. Jim Bolling has recently been assigned to analyze the company’s pricing policy. He has been told that quantity discounts were usually given. For example, for one
Sales of single-family houses have been brisk in Mid City this year. This has especially been true in older, more established neighborhoods, where housing is relatively inexpensive compared to the new homes being built in the newer neighborhoods. Nevertheless, there are also many families who are
Howie’s Bakery is one of the most popular bakeries in town, and the favorite at Howie’s is French bread. Each day of the week, Howie’s bakes a number of loaves of French bread, more or less according to a daily schedule. To maintain its fine reputation, Howie’s gives away to charity any
Financial advisors offer many types of advice to customers, but they generally agree that one of the best things people can do is invest as much as possible in tax-deferred retirement plans. Not only are the earnings from these investments exempt from income tax (until retirement), but the
Explore the relationship between the selling prices (Y) and the appraised values (X) of the 148 homes in the file P02_11.xlsx by estimating a simple linear regression equation. Find a 95% confidence interval for the model’s slope parameter (β1). What does this confidence interval tell you about
The owner of the Original Italian Pizza restaurant chain would like to predict the sales of his specialty, deep-dish pizza. He has gathered data on the monthly sales of deep-dish pizzas at his restaurants and observations on other potentially relevant variables for each of his 15 outlets in central
The file P02_10.xlsx contains midterm and final exam scores for 96 students in a corporate finance course. Based on a regression equation for the final exam score as a function of the midterm exam score, find a 95% confidence interval for the slope of the population regression line. State exactly
A trucking company wants to predict the yearly maintenance expense (Y) for a truck using the number of miles driven during the year (X1) and the age of the truck (X2, in years) at the beginning of the year. The company has gathered the information given in the file P10_16.xlsx. Each observation
Based on the data in the file P02_23.xlsx from the U.S. Department of Agriculture, explore the relationship between the number of farms (X) and the average size of a farm (Y) in the United States. a. Use the given data to estimate a simple linear regression model.b. Test whether there is sufficient
An antique collector believes that the price received for a particular item increases with its age and the number of bidders. The file P10_18.xlsx contains data on these three variables for 32 recently auctioned comparable items. a. Estimate an appropriate multiple regression model using the given
The file P02_02.xlsx contains information on over 200 movies that came out during 2006 and 2007. Run a regression of Total US Gross versus 7-day Gross, and then run a multiple regression of Total US Gross versus 7-day Gross and 14-day Gross. Report the 95% confidence interval for the coefficient of
The file P10_10.xlsx contains data on 150 homes that were sold recently in a particular community. a. Find a table of correlations between all of the variables. Do the correlations between Price and each of the other variables have the sign (positive or negative) you would expect? Explain
Suppose that a regional express delivery service company wants to estimate the cost of shipping a package (Y) as a function of cargo type, where cargo type includes the following possibilities: fragile, semi fragile, and durable. Costs for 15 randomly chosen packages of approximately the same
The file P10_05.xlsx contains salaries for a sample of DataCom employees, along with several variables that might be related to salary. Run a multiple regression of Salary versus Years Employed, Years Education, Gender, and Number Supervised. For each of these variables, explain exactly what the
A multiple regression with 36 observations and three explanatory variables yields the ANOVA table in Table 11.1.a. Complete this ANOVA table.b. Can you conclude at the 1% significance level that these three explanatory variables have some power in explaining variation in the dependent variable?
Suppose you find the ANOVA table shown in Table 11.2 for a simple linear regression.Table 11.2 ANOVA Table Degrees of Freedom Sum of SquaresExplained ....... 52Unexplained ..... 87Total ......... 1598a. Find the correlation between X and Y, assuming that the slope of the
Using the data given in P10_10.xlsx, estimate a multiple regression equation to predict the price of houses in a given community. Employ all available explanatory variables. Is there evidence of multicollinearity in this model? Explain why or why not.
Consider the data for Business Week’s top U.S. MBA programs in the MBA Data sheet of the file P10_21.xlsx. Use these data to estimate a multiple regression model to assess whether there is a relationship between the enrollment and the following explanatory variables: (a) The percentage of
The manager of a commuter rail transportation system was recently asked by her governing board to determine the factors that have a significant impact on the demand for rides in the large city served by the transportation network. The system manager has collected data on variables that might be
The file P10_05.xlsx contains salaries for a sample of DataCom employees, along with several variables that might be related to salary.a. Estimate the relationship between Y (Salary) and X (Years Employed) using simple linear regression. Is there evidence to support the hypothesis that the
The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data appear in the file P10_23.xlsx.a. Estimate a multiple regression equation that includes annual sales as the dependent variable and
The Undergraduate Data sheet of the file P10_21.xlsx contains information on 101 undergraduate business programs in the U.S., including various rankings by Business Week. Use multiple regression to explore the relationship between the median starting salary and the following set of potential
A manager of boiler drums wants to use regression analysis to predict the number of worker-hours needed to erect the drums in future projects. Consequently, data for 36 randomly selected boilers were collected. In addition to worker-hours (Y), the variables measured include boiler capacity, boiler
The file P02_35.xlsx contains data from a survey of 500 randomly selected households.a. In an effort to explain the variation in the size of the monthly home mortgage or rent payment, estimate a multiple regression equation that includes all of the potential household explanatory variables.b. Using
The file P02_07.xlsx includes data on 204 employees at the (fictional) company Beta Technologies. a. Estimate a multiple regression equation to explain the variation in employee salaries at Beta Technologies using all of the potential explanatory variables.b. Using the regression output, determine
Stock market analysts are continually looking for reliable predictors of stock prices. Consider the problem of modeling the price per share of electric utility stocks (Y). Two variables thought to influence such a stock price are return on average equity (X1) and annual dividend rate (X2). The
The Undergraduate Data sheet of the file P10_21.xlsx contains information on 101 undergraduate business programs in the U.S., including various rankings by Business Week. Use forward, backward, and stepwise regression analysis to explore the relationship between the median starting salary and the
The file P10_08.xlsx contains data on the top 200 professional golfers in each of the years 2003–2009. a. Create one large data set in a new sheet called All Years that has the data for all seven years stacked on top of one other. In this combined data set, create a new column called Earnings per
In a study of housing demand, a county assessor is interested in developing a regression model to estimate the selling price of residential properties within her jurisdiction. She randomly selects 15 houses and records the selling price in addition to the following values: the size of the house (in
Continuing Problem 2 with the data in the file P10_04.xlsx, employ stepwise regression to evaluate your conclusions regarding the specification of a regression model to predict the sales of deep-dish pizza by the Original Italian Pizza restaurant chain. Use the p-value method with a cutoff value of
A regional express delivery service company recently conducted a study to investigate the relationship between the cost of shipping a package (Y), the package weight (X1), and the distance shipped (X2). Twenty packages were randomly selected from among the large number received for shipment and a
Continuing Problem 6 with the data in the file P10_18.xlsx, refer to the original multiple regression model as the reduced equation. Suppose now that the antique collector believes that the rate of increase of the auction price with the age of the item will be driven upward by a large number of
Many companies manufacture products that are at least partially produced using chemicals. In many cases, the quality of the finished product is a function of the temperature and pressure at which the chemical reactions take place. Suppose that a particular manufacturer wants to model the quality
The file P02_35.xlsx contains data from a survey of 500 randomly selected households.a. To explain the variation in the size of the Monthly Payment variable, estimate a multiple regression equation that includes the numerical variables Family Size, Total Income (sum of First Income and Second
The file P11.34.xlsx contains data on the top 40 golfers in 2008. This was the year when Tiger Woods won the U.S. Open in June and then had year-ending surgery directly afterward. Using all 40 golfers, run a forward stepwise regression of Earnings per Round versus the potential explanatory
The file P02_07.xlsx includes data on 204 employees at the (fictional) company Beta Technologies. a. Run a forward stepwise regression of Annual Salary versus Gender, Age, Prior Experience, Beta Experience, and Education. Would you say this equation does a good job of explaining the variation in
Statistician Frank J. Anscombe created a data set to illustrate the importance of doing more than just examining the standard regression output. These data are provided in the file P10_64.xlsx.a. Regress Y1 on X. How well does the estimated equation fit the data? Is there evidence of a linear
A company produces electric motors for use in home appliances. One of the company’s production managers is interested in examining the relationship between the dollars spent per month in inspecting finished motor products (X) and the number of motors produced during that month that were returned
Examine the relationship between the average utility bills for homes of a particular size (Y) and the average monthly temperature (X). The data in the file P10_07.xlsx include the average monthly bill and temperature for each month of the past year. a. Use the given data to estimate a simple linear
The manager of a commuter rail transportation system was recently asked by her governing board to predict the demand for rides in the large city served by the transportation network. The system manager has collected data on variables thought to be related to the number of weekly riders on the
The file P10_05.xlsx contains salaries for a sample of DataCom employees, along with several variables that might be related to salary.a. Estimate an appropriate multiple regression equation to predict the annual salary of a given DataCom employee.b. Given the estimated regression model, predict
The owner of a restaurant in Bloomington, Indiana, has recorded sales data for the past 19 years. He has also recorded data on potentially relevant variables. The data appear in the file P10_23.xlsx.a. Estimate a regression equation for sales as a function of population, advertising in the current

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