Millie wants to install a new carpet in the living room of her house. She calculated the square footage of the room and then multiplied it by a set cost factor to estimate the cost. This is an example of_________ Group of answer choices Parametric estimating Three-point estimating Bottom-up estimating Analogous estimating

Millie wants to install a new carpet in the living room of her house. She calculated the square footage of the room and then multiplied it by a set cost factor to estimate the cost. This is an example of_________ Group of answer choices Parametric estimating Three-point estimating Bottom-up estimating Analogous estimating

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Interpret the coefficients of your regression model. Specifically, what does the fixed component of the model mean to the consulting firm? Interpret the fixed term, b 0b0, if appropriate. Choose the correct answer below. A. It is not appropriate to interpret b 0b0, because its value is the predicted billable hours for overhead costs of 0 dollars, but the firm cannot have overhead costs of 0 dollars associated with a client. B. The value of b 0b0 is the predicted overhead costs for 0 billable hours. C. It is not appropriate to interpret b 0b0, because its value is the predicted overhead costs for 0 billable hours, but someone with 0 billable hours would not actually be a client of the firm. D. For each increase of 1 unit in billable hours, the predicted overhead costs are estimated to increase by b 0b0. E. The value of b 0b0 is the predicted billable hours for an overhead cost of 0 dollars. F. For each increase of 1 unit in…
A firm has modeled its experience with industrial accidents and found that the number of accidents per year is related to the number of employees by the regression equation Y = 6.6 + 0.098*X. R-Square is 0.72. The regression is based on 20 annual observations. The firm intends to employ 480 workers next year. How many accidents do you project? 47.04 accidents 8.66 accidents 53.64 accidents 72% of the 480 workers 28.56 accidents
A distributor uses the following equation for forecasting demand of ski goggles: Y = 834 + 18*t, where t=0 in Spring of 2013. Each season is a period, so Summer 2013 would be t=1. His seasonal relatives are (Fall=1.2; Winter=1.4; Spring = 0.9; Summer= 0.8). What is his seasonalized forecast for Spring 2014? Plz do fast asap
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The manager of Mayo Department Store want to evaluatethe relationship between the sales of air conditioners andthe average weekly temperature. The following weeklysales data along with the average daytime temperaturesfor 10 one-week periods are shown in the following table:Week Air-conditioner Sales(in units) Average Temperature (in degrees Fahrenheit)1 100 782 85 703 103 854 110 905 70 756 115 947 150 1018 120 989 97 8610 85 80 a Develop a linear regression equation for air conditionersales as a function of the average weekly temperature.b Forecast air conditioner sales if the average weeklytemperature is 88 degrees Fahrenheit.c Evaluate the "goodness of fit" of the regressionequation by…
Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the localcommunity. Customers love the quality of meet that Mr. Ferdinand sells so they tend torecommend his product to other persons. Recently, Mr. Ferdinand has been running out of beefto sell to his customers. One customer suggests to him that he must use past sales records toforecast demand for his beef so that he can meet his customers demand. 1. Using a numerical example, demonstrate to Mr. Ferdinand how he can use a three-week and a four-week weighted moving average to forecast demand for his beef.
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Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price $2.60 $3.40 $2.00 $4.10 $3.20 $4.00 Number Sold 760 510 990 240 315 480 Using simple linear regression and given that the price per cup is $1.80, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place).
The following are sales revenues for a large utility company for years 1 through 11. Forecast revenue for years 12 through 15. Because we are forecasting four years into the future, you will need to use linear regression as your forecasting method. Note: Enter your answers in millions. YEAR 1 2345 5 6 7 8 9 10 11 Period 12 13 14 15 REVENUE (MILLIONS) $4,865.7 5,072.3 5,507.7 5,738.2 5,495.4 5,198.7 5,087.0 5,111.5 5,559.7 5,740.4 5,868.4 Forecast
please answer all parts of the question within 30 minutes with detailed explanation. Make sure calculation form part of the answer and are in details for better understanding. If calculations are not shown or are poorly done i will surely give negative ratings.
Café Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price $2.70 $3.50 $2.10 $4.10 $3.10 $4.05 Number Sold 765 515 990 245 320 480 Using simple linear regression and given that the price per cup is $1.85, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place).