The multiple linear regression analysis is one of the most reliable and accurate tools for cost estimating. The validity of the analysis depends on the relevance of the independent variables selected. Please respond to the following: Discuss what independent variables should be selected to estimate the maintenance costs for a manufacturing company using multiple linear regression analysis. Explain why these independent variables were selected. What are other variables should be considered, but decided not to include? Explain why.
The multiple linear regression analysis is one of the most reliable and accurate tools for cost estimating. The validity of the analysis depends on the relevance of the independent variables selected. Please respond to the following: Discuss what independent variables should be selected to estimate the maintenance costs for a manufacturing company using multiple linear regression analysis. Explain why these independent variables were selected. What are other variables should be considered, but decided not to include? Explain why.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter14: Data Mining
Section14.2: Classification Methods
Problem 3P
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The multiple linear regression analysis is one of the most reliable and accurate tools for cost estimating. The validity of the analysis depends on the relevance of the independent variables selected.
Please respond to the following:
- Discuss what independent variables should be selected to estimate the maintenance costs for a manufacturing company using multiple linear regression analysis.
- Explain why these independent variables were selected. What are other variables should be considered, but decided not to include? Explain why.
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