Given dependent variable y and explanatory variable x, explain the difference between (i) the slope parameter in a simple linear regression model of y and x and (ii) the correlation coefficient between x and y. Explain the advantages and disadvantages of scenario analysis relative to sensitivity analysis. Describe the steps involved in the Problem Formulation phase of the Planning Process. Why are engineering firms willing to pay interest on a loan? Why are equivalence equations useful for financial analysis and analysis of project alternatives? List the three levels of the hierarchical planning approach and describe whether planning at each level is driven more by goals or requirements. What are the three things that a project manager must 'manage' that are heavily impacted by the planning/scoping of projects