The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of predicting labor hours. In a preliminary effort to provide a more accurate method, the owner has decided to use the number of cubic feet moved as the independent variable and has collected data for 36 moves in which the origin and destination were within the borough of Manhattan in New York City and in which the travel time was an insignificant portion of the hours worked. The intercept for the sample regression line that the owner has computed is -2.17 and the slope is 0.01. If the actual number of labor hours for moving 485 cubic feet is 45.72. What is the error of prediction? Hint: Provide answer accurate to 2 decimal places.
The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of predicting labor hours. In a preliminary effort to provide a more accurate method, the owner has decided to use the number of cubic feet moved as the independent
variable and has collected data for 36 moves in which the origin and destination were within the borough of Manhattan in New York City and in which the travel time was an insignificant portion
of the hours worked. The intercept for the sample regression line that the owner has computed is -2.17 and the slope is 0.01. If the actual number of labor hours for moving 485 cubic feet is 45.72.
What is the error of prediction?
Hint: Provide answer accurate to 2 decimal places.
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