Answered: How can you evaluate the accuracy of a…

Math

Probability

How can you evaluate the accuracy of a forecast model?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Another measure of central tendency for a set of data is called the midrange. The midrange is defined as the value that is halfway between the minimum data value and the maximum data value. That is, Midrange = minimum value + maximum value 2 . The midrange is often stated as the average of a set of data in situations in which there are a large amount of data and the data are constantly changing. Many weather reports state the average daily temperature of a city as the midrange of the temperatures achieved during that day. For instance, if the minimum daily temperature of a city was 60° and the maximum daily temperature was 90°, then the midrange of the temperatures is 60° + 90° 2 = 75°. Find the midrange of the following daily temperatures,which were recorded at three-hour intervals. (Round your answer to one decimal place.) 55°, 50°, 80°, 57°, 72°, 64°, 58°, 63°, 73°
Discuss the meaning of central tendency. Provide examples as needed.
10) Using advertised prices for used Ford Escorts a linear model for the relationship between a car's age and its price is found. The regression has an R2-87.4%. Write a sentence summarizing what R2 says about this regression. A) The age of the car explains 9.35% of the variation in price. B) The price of the car explains 12.6% of the variation in age. C) The age of the car explains 87.4% of the variation in price. D) The price of the car explains 87.4% of the variation in age. E) The age of the car explains 12.6% of the variation in price. Solve. Round to two decimal places if necessary. 11) At one college, 68% of students have credit cards. A credit card company, looking for new customers, sets up a booth at the college. If they pick students at random, how many students should they expect to talk to before finding one who does not have a credit card? A) 32 B) 3.13 D) 68 C) 0.32 E) 1.47
2. Which model-linear, quadratic, or exponential-seems most appropriate for this scatter plot? X
4 pts Problem #1a: Use a two-month moving average to create a forecast for May. Calculate the forecast errors associated the moving average forecasts. Month Demand January 18 February 23 March 20 April 16 May ??? Edit View Insert Format Tools Table | в I U 12pt v Paragraph v MacBook Pro &
House prices How does the price of a house depend on its size? Data from Saratoga, New York, on 1064 ran-domly selected houses that had been sold include data on price ($1000’s) and size (1000’s ft2 ), producing the following graphs and computer output:a) Explain in context what the regression says.b) The intercept is negative. Discuss its value, taking noteof its P-value.c) The output reports s = 53.79. Explain what thatmeans in this context.d) What’s the value of the standard error of the slope ofthe regression line?e) Explain what that means in this context.
section 13.1
Find & interpret the y-intercept (a) if an interpretation is possible. If it’s not possible, just report the y-intercept and explain why it can not be interpreted practically Use your model to estimate the price of a car that has 100,000 miles. Is this prediction reasonable? Why or why not? Provide a brief conclusion or discussion of the results that includes one of the following: potential problems or sources of bias are the results what you expected? are there other variables that may also be useful to predict the price of a car
Another measure of central tendency for a set of data is called the midrange. The midrange is defined as the value that is halfway between the minimum data value and the maximum data value. That is, Midrange = minimum value + maximum value 2 . The midrange is often stated as the average of a set of data in situations in which there are a large amount of data and the data are constantly changing. Many weather reports state the average daily temperature of a city as the midrange of the temperatures achieved during that day. For instance, if the minimum daily temperature of a city was 60° and the maximum daily temperature was 90°, then the midrange of the temperatures is 60° + 90° 2 = 75°. During a two-minute period, the temperature in a town increased from a low of −4°F to a high of 45°F. Find the mid-range of the temperatures during this two-minute period.
How do you figure this out using conjoint analysis in a linear regression? Determine how various attributes impact the purchase of a car. There are four attributes, each with three levels: Brand: Ford = 1, Chrysler = 2, GM = 3 MPG: 15 MPG = 1, 20 MPG = 2, 25 MPG = 3 Horsepower (HP): 100 HP = 1, 150 HP = 2, 200 HP = 3 Price: $18,000 = 1, $21,000 = 2, $24,000 = 3 The nine product profiles ranked in the data file were evaluated by a consumer. (a) For this market segment, rank the product attributes from most important to least important. Below is the data provided. Brand MPG Power Price Rank 1 1 1 1 4 1 2 2 3 7 1 3 3 2 3 2 1 2 2 6 2 2 3 1 2 2 3 1 3 9 3 1 3 3 8 3 2 1 2 5 3 3 2 1 1
Suppose your firm generated $50.0million$⁢50.0⁢million in sales. What would be the 95%95% prediction interval for your firm's net income? Write your answer using interval notation. Round your answer to 1 decimal place.
Students also often confuse the idea of Lurking Variable and Confounding Variable, but these are different but possibly related. This discussion is designed for students to help each other build a complete understanding, and clearly separate these as two distinct concepts. Discuss the similarities and differences between these, as well as what they imply for the conclusions of a research study.