5. The materials handling manager of a manufacturing company is trying to forecast the costof maintenance for the company's fleet of over-the-road tractors. The manager believesthat the cost of maintaining the tractors increases with their age. The following data werecollected.Age (years)4.54.54.54.04.04.05.05.05.5Yearly Maintenance Cost ($)6191,0491,0334957236818901,522987Age (years) Yearly Maintenance Cost ($)5.00.50.56.06.01.01.01.01,1941631827641,373978466549a. Use linear regression model to develop a relationship to forecast the yearly maintenancecost based on the age of a tractor (use Excel)b. If a section has a three-year old tractor, what is the forecast for the annual maintenancecost?

Linear regression is a statistical method that uses the straight line equation to analyze data and…

Answered: a. Use linear regression model to…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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The materials handling manager of a manufacturing company is trying to forecast the cost of maintenance for the company's fleet of over-the-road tractors. The manager believes that the cost of maintaining the tractors increases with their age. The following data was collected: Yearly Maintenance Yearly Maintenance Age (years) Age (years) Cost ($) Cost (S) 6.5 819 8.0 1,394 5.5 1,249 2.5 363 6.5 1,233 2.5 382 7.0 695 9.0 964 6.0 923 8.0 1,573 6.0 881 3.0 1,178 7.0 1,090 3.0 666 7.0 1,722 3.0 749 7.5 1,187 a. Use POM for Windows' least squares-linear regression module to develop a relationship to forecast the yearly maintenance cost based on the age of a tractor. (Enter your responses rounded to three decimal places and include a minus sign if necessary.) Y = 365.727 + 110,721 X where Y = Yearly maintenance cost in dollars and X= Age in years. b. If a section has 20 four-year-old tractors, what is the forecast for the annual maintenance cost? $ |- (Enter your response rounded to two…
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a. Use linear regression model to develop a relationship to forecast the yearly maintenance cost based on the age of a tractor (use Excel) b. If a section has a three-year old tractor, what is the forecast for the annual maintenance cost?