Explain the use of full and fractional factorial experimental designs. Provide a scenario of when it would be appropriate for each.
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Explain the use of full and fractional factorial experimental designs. Provide a scenario of when it would be appropriate for each.
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- 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 are listed in the file P13_17.xlsx. a. Estimate a simple regression equation involving annual sales (the dependent variable) and the size of the population residing within 10 miles of the restaurant (the explanatory variable). Interpret R-square for this regression. b. Add another explanatory variableannual advertising expendituresto the regression equation in part a. Estimate and interpret this expanded equation. How does the R-square value for this multiple regression equation compare to that of the simple regression equation estimated in part a? Explain any difference between the two R-square values. How can you use the adjusted R-squares for a comparison of the two equations? c. Add one more explanatory variable to the multiple regression equation estimated in part b. In particular, estimate and interpret the coefficients of a multiple regression equation that includes the previous years advertising expenditure. How does the inclusion of this third explanatory variable affect the R-square, compared to the corresponding values for the equation of part b? Explain any changes in this value. What does the adjusted R-square for the new equation tell you?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 is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?what is standard deviation and how do you find it ?
- Chart and Regression analysis : What does the intercept predict? X: C16 (number of cars on the sales lot) versus Y: C17 (cars sold per day) Equation: y=2.9x + 14.5 Slope:2.9 Intercept:14.5 Does the intercept mean the intercept is 14.5 means that the cars sold per day( Y) predicted number of cars on sale lot(X) to be 14.5, but this intercept has no meaning. So, I will not use to predict cars sold per day?What proposed analysis of data and choice of statistical tests should be used for a recycling company?6. List and explain in detail why we include disturbance term or error term in the model?
- A study to determine the correlation between bankdeposits and consumer price indices in Birmingham, Alabama,revealed the following (which was based on n = 5 years of da ta):• LX = 15• Lx2 = 55• Lxy = 70• Ly = 20• L/ = 130a) What is the equation of the least-squares regression line?b) Find the coefficient of correlation. What does it imply to you?c) What is the standard error of the estimate?Describe the Nonlinear and Multiple Regression Analysis?In the case of any enterprise resource planning system, what is the optimal testing strategy?
- Why would we graph scatterplots and regression lines?Which methods to use depends on the type of variable(s) being analyzed.Consider the ANOVA table that follows. Analysis of Variance Source DF SS MS F p Regression 2 77.907 38.954 4.14 0.021 Residual Error 62 583.693 9.414 Total 64 661.600 a-1. Determine the standard error of estimate. (Round your answer to 3 decimal places.) a-2. About 95% of the residuals will be between what two values? (Round your answers to 3 decimal places.) b-1. Determine the coefficient of multiple determination. (Round your answer to 3 decimal places.) b-2. Interpret the coefficient of multiple determination. (Round your answer to 1 decimal place.) Determine the coefficient of multiple determination, adjusted for the degrees of freedom. (Round your answer to 3 decimal places.) Prev Question 5 of 30 Total5 of 3