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Question 1: The materials handling manager at a firm is trying to forecast the cost of maintenance for the company's fleet of over-the-road tractors. The manager believes that the maintenance costs increases with the tractor's age. The following data was collected: Age years) Yearly Maintenance Cost ($ Age (yeam) Yearly Maintenance cost ($) 4.5 910 5.a 4.5 1,040 103 4.5 1,033 182 704 723 1.873 081 1.0 078 300 1.0 5.0 1.0 049 5.5 987 Use the OM Explorer Solver "Regression Analysis a.) Develop a linear regression equation for the relationship between tractor age (X) and maintenance cost (Y). b.) How much of the variation in maintenance cost (Y) would be explained by the regression equation (i.e. what is the coefficient of determination). c.) Comment on the strength and type of relationship that exists between tractor age and maintenance costs (i.e. what is the correlation coefficient). d.) Forecast the yearly maintenance cost for the fleet of (20) tractors if each of the tractors has an average age of (3) years. 819 5 Age(years) 4.5 4.5 4.5 4 4 4 1,049 1,033 405 723 881 800 1,522 887 0.5 0.5 1 1 1 1,194 183 182 704 1,373 978 500 549 Question 1: The materials handling manager at a firm is trying to forecast the cost of maintenance for the company's fleet of over-the-road tractors. The manager believes that the maintenance costs increases with the tractor's age. The following data was collected: Age years) Yearly Maintenance Cost ($ Age (yeam) Yearly Maintenance cost ($) 4.5 910 5.a 4.5 1,040 103 4.5 1,033 182 704 723 1.873 081 1.0 078 300 1.0 5.0 1.0 049 5.5 987 Use the OM Explorer Solver "Regression Analysis a.) Develop a linear regression equation for the relationship between tractor age (X) and maintenance cost (Y). b.) How much of the variation in maintenance cost (Y) would be explained by the regression equation (i.e. what is the coefficient of determination). c.) Comment on the strength and type of relationship that exists between tractor age and maintenance costs (i.e. what is the correlation coefficient). d.) Forecast the yearly maintenance cost for the fleet of (20) tractors if each of the tractors has an average age of (3) years. 819 5 Age(years) 4.5 4.5 4.5 4 4 4 1,049 1,033 405 723 881 800 1,522 887 0.5 0.5 1 1 1 1,194 183 182 704 1,373 978 500 549