Calculate the line of best fit, Applied Statistics

Assignment Help:

The manager of Pizza Hut provides a delivery service for customers who telephone in an order. The manager would like to give callers an idea of the time it will take to deliver an order. This depends upon the distance of the customer from Stratford. The records of the last 12 deliveries are shown in the following table below

Distance (miles)           Delivery Time (minutes)     

         X                                y                                      xy                    x2              

        2.3                              5                                     11.5                 5.29

        6.7                            13                                     87.1               44.89              

        7.5                            10                                     75                    56.25

        3.1                             5                                     15.5                  9.61

        4.6                             9                                      41.4                  21.16

        3.9                             8                                     31.2               15.21

        8.7                            15                                     130.5             75.69

        9.8                            20                                     196                 96.04

        10 .1                         18                                      181.8             102.01

        6.5                             13                                      84.5               42.25

        7.3                              12                                     87.6               53.29

        5.2                               9                                       46.8               27.04                                                                   

       75.7                             137                                    988.9                548.73

use of best fit, y= a+bx, a= fixed cost, b= variable cost per unit

b= n

(i) Using regression analysis calculate the line of best fit through the data and interpret your values of a and b.

(ii) Forecast the time it would normally take to deliver an order for a distance of 5 miles.

(b) Using a report format, identify and appraise the sources of finance available to the Board of Directors of Dragon Limited.


Related Discussions:- Calculate the line of best fit

Econometrics, The following data on calcium content of wheat are consistent...

The following data on calcium content of wheat are consistent with summary quantities that appeared in the article “Mineral Contents of Cereal Grains as Affected by Storage and Ins

Data reduction, The PCA is amongst the oldest of the multivariate statistic...

The PCA is amongst the oldest of the multivariate statistical methods of data reduction. It is a technique for simplifying a dataset, by reducing multidimensional datasets to lower

Control chart, construction of control chart,n chart

construction of control chart,n chart

Find the rank correlation coefficient, 1. Calculate the mean and mode of: ...

1. Calculate the mean and mode of: Central size 15 25 35 45 55 65 75 85 Frequencies 5 9 13 21 20 15 8 3 The following data shows the monthly expenditure of 80 students of

Purposive or judgement sampling, Purposive or Judgement Sampling Under ...

Purposive or Judgement Sampling Under this method of sampling, the choice  of selection of sample  items from the universe  depends exclusively on the judgement  of the investi

Box plot of income, The box plot displays the diversity of data for the inc...

The box plot displays the diversity of data for the income; the data ranges from 20 being the minimum value and 1110 being the maximum value. The box plot is positively skewed at 4

Methods of forecasting, Methods of Forecasting  Various techniques whic...

Methods of Forecasting  Various techniques which are generally used in business forecasting are as under: 1.      Forecasting  through the opinion of heads  of department

HLT 362, What is an interaction? Describe an example and identify the varia...

What is an interaction? Describe an example and identify the variables within your population (work, social, academic, etc.) for which you might expect interactions?

Types of correlation, Type of Correlation 1.      Positive and Negat...

Type of Correlation 1.      Positive and Negative Correlation: 2.      Simple Partial and Multiple Correlations. 3.      Linear and  Non linear or Correlations

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd