Selection and employment of the correct estimation method is:Multiple ChoiceOOOEasy once the data is gathered.Relatively easy because only two effective methods exist.Dependent on the accuracy/cost tradeoff for the estimation objectives.Primarily subjective in nature.Difficult because so many effective methods are available.

Management decision making refers to the most common way of recognizing, breaking down, and picking…

Answered: Selection and employment of the correct…

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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Explain three (3) of the general assumptions of a Regression (Least Squares) model.
What is the definition of a forecast error?a. The average difference between the forecast and the actual outcomeb. The maximum difference between the forecast and the actual outcomec. The difference between the forecast and the actual outcomed. The percentage difference between the forecast and the actual outcome
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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…
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Write Comments on the Use of Linear Regression Analysis?
This is all one question: The following set of questions were developed to administer to the customers of a food catering business. Put yourself in the position of a customer who has ordered food from this catering business at least one time in the past. You have just received this survey in an e‐mail from the catering company. The e‐mail contains a link that takes you to a Web‐based survey process (such as Google Forms or SurveyMonkey). As you read each question, evaluate it carefully. Is it easy to answer? Do understand how to answer? Is there any confusion in your mind about what response is expected? Do you think your answer will be meaningful and useful to the system development team? What is your company's name? On a scale from 1 to 10, how easy do you find the ordering process? 0‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐10 How long does it take to place a catering request? In your opinion, what is the biggest problem with the current system of…
Discuss in 300 words the different types of probability sampling designs and briefly explain how these differ from non-probability sampling approaches. Provide at least two relevant references.
An auditor used regression analysis to evaluate the relationship between utility costs andmachine hours. The following information was developed using a computer softwareprogram: Intercept 2,050 Standard error of estimate 200Regression 0.825 Number of observations 36Correlation coefficient 0.800 How much is the utility cost if the company’s 10 machines will use 2,400 hours next month?a. ₱3,830b. ₱3,970c. ₱4,030d. ₱4,050
d. Now based on regression analysis predict the number of patients that Dr. Fok will see in year 11 and 12 based on the forecasted Robbery Rate - year 11 is 117.1 and year 12 is 120.8. e. What is the MAD? f. What is the correlation Coefficient – r-value? % g. Based on the overall analysis, how well does each model fit the data?
Which of the following is a forecasting error measure? A. CAT B. SAD C. MAD D. BAD
Using multiple regression, you have identified P12,000 of unit level costs for 3,000 units, P1,000 of product level costs for 40 products, and P3,500 of customer-level costs for ten customers. The cost of Job 002 which used 800 unit level activities, 4 product level activities, and one customer-level activities amounts to * A. P3,650 B. P3,250 C. P3,050 D. P2,950

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