Concept explainers
a)
To run: The regression for performance rating versus explanatory variables.
Introduction:
b)
To predict: The performance rating score of the worker.
Introduction: Forecasting is a technique of predicting future events based on historical data and projecting them into the future with a mathematical model. Forecasting may be an intuitive or subjective prediction.
c)
To run: The regression equation.
Introduction: Forecasting is a technique of predicting future events based on historical data and projecting them into the future with a mathematical model. Forecasting may be an intuitive or subjective prediction.
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Practical Management Science
- Integrated Products Corporation (IPC) needs to estimate its PC sales for next year.The most recent six years of revenue data for the company’s line of XT PersonalComputers, and those of the industry, is found in the table below: Year XT PC Sales Revenue($’000,000) All Industry PC Sales Revenue($’000,000,000) 1 2.4 4.6 2 5.9 8.6 3 15.5 10.7 4 27.8 14.8 5 35.9 18.5 6 38.1 19.4 Required:A. Assuming that the sales data above are representative of sales expected nextyear, use time series regression analysis to forecast next year’s sales revenues(there is no seasonal effect). B. Perform a regression analysis between the annual sales revenues of XTPersonal Computers and all industry PC annual sales revenues. What is theforecast for next year’s sales revenue for XT Personal Computers if the estimateof next year’s industry PC sales revenues is $21.9 billion?C. Advise management at Integrated Products Corporation (IPC) which of the twosales estimates from parts A and B above…arrow_forwardWhich of the following statements is correct regarding the EMH form? Select one: None of the answers are correct If the market is weak-form efficient, then it is also semistrong and strong-form efficient. If the market is semistrong form efficient, then it is also strong form efficient If a market is strong-form efficient, it is also semistrong and weak form efficient If the market is strong-form efficient, it is also semistrong but not weak-form efficientarrow_forwardFire Department Turns to BI Analytics. New York City has nearly one million buildings, and each year, more than 3000 of them experience a major fire. The Fire Department of the City of New York (FDNY) is adding BI analytics to its arsenal of firefighting equipment. It has created a database of over 60 different factors (e.g., building location, age of the building, whether it has electrical issues, the number and location of sprinklers) in an attempt to determine which buildings are more likely to have a fire than others. The values of these parameters for each building are fed into a BI analytics system that assigns each of the city's 330,000 inspectable buildings a risk score. (FDNY doesn't inspect single and two-family homes.) Building inspectors then use these risk scores to prioritize which buildings to visit on their weekly inspections. The FDNY has roughly 350 inspectors who are trained and certified to perform their duties.Which set of three parameters all provide measures…arrow_forward
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- When it first debuted, Telsa was selling its Model 3 sedan for $35,000. The Model 3 was priced substantially less than Tesla’s other models at the time, however, it had similar quality and input costs. In charging such a low price, it is most likely that Tesla is trying to: A. Create more value without capturing more value B. Capture more value without creating more value C. Create and capture more value D. None of the abovearrow_forwardOver the past few decades, technological advances have led to a dramatic increase in the amount of recorded data. The use of smartphones, RFID tags, electronic sensors, credit cards, and the internet has facilitated the collection of data from phone conversations, emails, business transactions, product and customer tracking, business transactions, and web browsing. Data mining is the process of applying analytical techniques to large quantities of data to find hidden structures, patterns, and relationships among variables. Illustrate some applications of the data mining techniques in business are used in order to gain insight on customers and to uncover patterns to improve business processesarrow_forwardThe InfoSec measurement development process recommended by NIST is is divided into two major activities. Which of the following is one of them? Identification and definition of the current InfoSec program Regularly monitor and test networks Compare organizational practices against organizations of similar characteristics Maintain a vulnerability management programarrow_forward
- In the original OJ Simpson trial, it was accepted that OJ had battered his wife. OJ’s lawyer tried to negate the impact of this information by stating that in a one-year period, only 1 out of 2500 battered women are murdered, so the fact that OJ battered his wife does not give much evidence that he was the murderer. The prosecution (foolishly!) let this go unchallenged. Here are the relevant statistics: In a typical year 6.25 million women are battered, 2500 are battered and murdered, and 2250 of the women who were battered and murdered were killed by the batterer. How should the prosecution have refuted the defense’s argument?arrow_forwardA three year old Canadian who moves to the U.S. and becomes a U.S. citizen can be elected president once they reach age 35. True Falsearrow_forwardCompany XYZ is specialized in producing and selling smart watches. The company currently has two products and is planning to improve it profits in the coming years. The company is thinking of introducing a sales commission to encourage its sales people to make more sales and improve company's profitability. When designing the sales commission the company should base the sales commission on: a. The color of the product O b. The contribution margin The number of employees O d. None of the given answers e. The selling pricearrow_forward
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,