Calculate the line of best fit using the least-squares

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Reference no: EM13231676

(a) Using the following data set, calculate the line of best fit using the least-squares (regression/correlation analysis) method. The evaluated points for each organizational job (X) and the actual pay rate (Y) from survey data are shown below.

(b) Show all of your work step by step (including intermediate steps) as you work through our formula manually.

(d) how can I find the rate of pay for an organizational job

(e) explain to a manager who does not have a good statistics background the use and benefits of the least-squares method for predicting pay rates using the job point evaluation method. Also, explain how well your model the data.

Job X Points Y Rate

A 50 $2.00

B 75 $2.30

C 100 $2.65

D 125 $3.05

E 150 $3.50

F 175 $4.00

G 200 $4.60

H 225 $5.29

I 250 $6.08

Reference no: EM13231676

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