The owner of a new York city moving company, Harry has self libber, has typicall
ID: 3265720 • Letter: T
Question
The owner of a new York city moving company, Harry has self libber, has typically used an estimator to determine the number of labor hours needed for the move. This has proved useful in making bids in the past, but he would like to be able to develop a more reliable estimate that would be more accurate in predicting the labor hours. In a preliminary effort to provide a more accurate means of estimation, he has collected data for a number of moves in which the origin and destination were within the borough of manhattan in newyork city so that the travel time was an insignificant portion of the labor hours worked. The results are shown below.Explanation / Answer
47. Refer to the first table, the number of observation is 36. So the answer is 36. - (A)
48. Pooled variance estimate = MS(Residual) (refer to ANOVA table/ 2nd table in the output) = 25.6, so the answer is 25.6 - (D)
49. R-square(refer to 1st table) = 89.129%, so the percentage of fluctuation explained by regression model is 89.129%. Answer - (B)
50. Refer to the last table, the coefficient of room is -1.6, so the answer is -1.6 - (E)
51. The coefficient of cubic feet moved = 0.056, so for 100 cubic feet increase, if the value of room remains fixed, so the labor hours will increase by 0.056*100 = 5.6 unit.
So, the answer is 5.6 - (D)
52. Refer to the ANOVA table, significance F = 1.2541 * 10-16, which is much less than 0.05, so, the model is doing good job in predicting number of labor hours.
Answer - (D)
53. To test the relevant statement, Harry should look at the P-value of the room in the last table which is 0.4363, which is greater than 0.05. Which concludes that, the variable room is not significant in predicting the labor hours.
Answer - 0.4363 - (A)
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