PA & Compensation Management (a) Using the following data set, calculate the line of best fit using
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(a) Using the following data set, calculate the line of best fit using the least-squares (regression/correlation analysis) method. The evaluated points for each organizational job (X) and the actual pay rate (Y) from survey data are shown below.
(b) Show all of your work step by step (including intermediate steps) as you work through our formula manually.
(c) Then check your calculations using any statistics or statistics-related program. Print/Save a copy of your work (printout of regression equation, descriptive statistics, and scatterplot).
(d) Using your results, find the rate of pay for an organizational job worth 210 points.
(e) Write a one-page summary of your results. In your summary, explain to a manager who does not have a good statistics background the use and benefits of the least-squares method for predicting pay rates using the job point evaluation method. Also, explain how well your model €œfits€ the data. Attach a copy of your file showing thestatistics.
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a and b X Y XY X Y 50 2 100 2500 4 75 23 1725 5625 529 100 265 265 10000 70225 125 305 38125 15625 9...View the full answer
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