Practical Management Science
Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
Question
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Chapter 13, Problem 31P

a)

Summary Introduction

To estimate: The regression equation.

Introduction: Forecasting is a technique of predicting future events based on historical data and projecting them into the future with a mathematical model. Forecasting may be an intuitive or subjective prediction.

a)

Expert Solution
Check Mark

Explanation of Solution

Data:

Practical Management Science, Chapter 13, Problem 31P , additional homework tip  1

Formulae to determine the data:

Practical Management Science, Chapter 13, Problem 31P , additional homework tip  2

Regression using StatTools:

Regression and classification from the StatTools should be used. The below image shows the regression parameter table from StatTools:

Practical Management Science, Chapter 13, Problem 31P , additional homework tip  3

Regression result:

Practical Management Science, Chapter 13, Problem 31P , additional homework tip  4

Hence, the regression equation is Quality = 106.085 – 0.916 temperature + 0.788 pressure. The value of R-square is 0.2115. The quality score falls by 0.916 and the pressure would remain constant when the temperature increases by one degree. The quality score rises by 0.788 and the temperature would remain constant when the pressure increases by one pound.

b)

Summary Introduction

To run: The regression by adding an interaction term between pressure and temperature.

Introduction: Forecasting is a technique of predicting future events based on historical data and projecting them into the future with a mathematical model. Forecasting may be an intuitive or subjective prediction.

b)

Expert Solution
Check Mark

Explanation of Solution

Data:

Practical Management Science, Chapter 13, Problem 31P , additional homework tip  5

Formulae to determine the data:

Practical Management Science, Chapter 13, Problem 31P , additional homework tip  6

Regression using StatTools:

Regression and classification from the StatTools should be used. The below image shows the regression parameter table from StatTools:

Practical Management Science, Chapter 13, Problem 31P , additional homework tip  7

Regression result:

Practical Management Science, Chapter 13, Problem 31P , additional homework tip  8

The above table provides the estimated coefficients. The standard error of estimate falls and the adjusted R-square rises.

c)

Summary Introduction

To determine: The difference between the estimated coefficients in the two equations.

Introduction: Forecasting is a technique of predicting future events based on historical data and projecting them into the future with a mathematical model. Forecasting may be an intuitive or subjective prediction.

c)

Expert Solution
Check Mark

Explanation of Solution

The quality score would increase by 7.086 – 0.145×pressure and the pressure would remain constant when the temperature increases by one degree. The quality score would increase by 13.883 – 0.145×temperature and the temperature would remain constant when the pressure increases by one pound per square inch. Based on the level of the pressure, the coefficient would indicate the quality change rate with respect to the temperature.

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Chapter 13 Solutions

Practical Management Science

Ch. 13.4 - Prob. 12PCh. 13.4 - A trucking company wants to predict the yearly...Ch. 13.4 - An antique collector believes that the price...Ch. 13.4 - Stock market analysts are continually looking for...Ch. 13.4 - Suppose that a regional express delivery service...Ch. 13.4 - The owner of a restaurant in Bloomington, Indiana,...Ch. 13.6 - The file P13_19.xlsx contains the weekly sales of...Ch. 13.6 - The file P13_20.xlsx contains the monthly sales of...Ch. 13.6 - The file P13_21.xlsx contains the weekly sales of...Ch. 13.6 - The file P13_22.xlsx contains total monthly U.S....Ch. 13.7 - You have been assigned to forecast the number of...Ch. 13.7 - Simple exponential smoothing with = 0.3 is being...Ch. 13.7 - The file P13_25.xlsx contains the quarterly...Ch. 13.7 - The file P13_26.xlsx contains the monthly number...Ch. 13.7 - The file P13_27.xlsx contains yearly data on the...Ch. 13.7 - The file P13_28.xlsx contains monthly retail sales...Ch. 13.7 - The file P13_29.xlsx contains monthly time series...Ch. 13.7 - A version of simple exponential smoothing can be...Ch. 13 - Prob. 31PCh. 13 - Prob. 32PCh. 13 - Management of a home appliance store would like to...Ch. 13 - A small computer chip manufacturer wants to...Ch. 13 - The file P13_35.xlsx contains the amount of money...Ch. 13 - Prob. 36PCh. 13 - Prob. 37PCh. 13 - Prob. 39PCh. 13 - The Baker Company wants to develop a budget to...Ch. 13 - Prob. 41PCh. 13 - The file P13_42.xlsx contains monthly data on...Ch. 13 - Prob. 43PCh. 13 - Prob. 44PCh. 13 - Prob. 45PCh. 13 - Prob. 46PCh. 13 - Prob. 49P
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Practical Management Science
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ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,