Identify-the-problem-and-define-the-research-question-s-
Identify-the-problem-and-define-the-research-question-s-
1. The owner of a moving company typically has his most experienced manager predict thetotal number of labor hours that will be required to complete an upcoming move. Thisapproach has proved useful in the past, but the owner has the business objective ofdeveloping a more accurate method of predicting labor hours. In a preliminary effort toprovide a more accurate method, the owner has decided to use the number of cubic feetmoved and whether there is an elevator in the apartment building as the independentvariables. He has collected data for 36 moves in which the origin and destination were theborough of Manhattan in New York City and the travel time was an insignificant portionof hours worked. The data are organized and stored in Moving. Follow the appropriatesteps, like hypothesis(s), test statistics, critical value/P–value, decision and conclusion tocomplete the questions. Please insert Excel outputs in your answer(s) wherever it isnecessary.
a. Identify the problem and define the research question(s). b. State the appropriate multiple regression equation for predicting labor hours, using the
number of cubic feet moved and whether there is an elevator. c. Interpret the regression coefficients in(a) and evaluate your hypothesis(es). d. Check the regression model validitye. Is there a significant relationship between labor hours and the two independent variables(cubic feet moved and whether there is an elevator in the apartment building) at the 0.05level of significance?
f. At the 0.05 level of significance, determine whether each independent variable makes acontribution to the regression model. Indicate the most appropriate regression model forthis set of data. g. Predict the mean labor hours for moving 500 cubic feet. What should you tell the ownerof the moving company about the relationship between cubic feet moved and laborhours? h. Construct 95% confidence interval estimate of the population slope for the relationshipbetween labor hours and cubic feet moved. i. Compute and interpret adjusted r2. j. Add an interaction term to the model, and at the 0.05 level of significance, determinewhether it makes a significant contribution to the model. k. On the basis of the results of (g) and (j), which model is most appropriate? Explain. l. As a business owner, what conclusions/solutions can you reach concerning the effect ofthe number of cubic feet moved and whether there is an elevator on labor hours?
2. The data in Used Cars represent characteristics of cars that are currently part of aninventory of a used car dealership. The variables included are car, year, age, price ($),mileage, power(hp), fuel (mph), Region of origin (manufactured in USA or in a foreigncountry), and single ownership (Yes= owned by one or No= owned by more than oneowner). The excel file for this problem is stored in Canvas under module called “UsedCarsâ€. You want to describe each of these variables, and you would like to predict the price of theused cars. Make sure to take appropriate steps to analyze this data set and write a minireport for the Car Dealer. Also, do you think that the model is missing some importantvariables? If so, what are those missing variables? Please explain.
