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

Correlation, Definition of Correlation According  to prof, king correla...

Definition of Correlation According  to prof, king correlation means that between two series or group  of data  there  exists  some casual connection  prof, king  has also  exp

Hypothesis testing, the president of a certain firm concerned about the saf...

the president of a certain firm concerned about the safety record of the firms employee sets aside $50 million a year for safety education. the firms accountant believes that more

Diversity of data for the age, The box plot displays the diversity of data ...

The box plot displays the diversity of data for the age; the data ranges from 19 being the minimum value and 60 being the maximum value. The box plot is positively skewed at 0.57 a

Evaluate the standard deviation, Use only the rare event rule, and make sub...

Use only the rare event rule, and make subjective estimates to determine whether events are likely. For example, if the claim is that a coin favors heads and sample results consis

Index Number of formulae, discuss the mathematical test of adequacy of inde...

discuss the mathematical test of adequacy of index number of formulae. prove algebraically that the laspeyre, paasche and fisher price index formulae satisfies this test. What is

Types of sampling, Given a certain population there are various ways in whi...

Given a certain population there are various ways in which a sample may be drawn from it. The chart below illustrates this point: Figure 1 In  Judgem

Statistics assignment, To compare three brands of computer keyboards, four ...

To compare three brands of computer keyboards, four data entry specialists were randomly selected. Each specialist used all three keyboards to enter the same kind of text material

Probability, Replacement times for CD players are normally distributed with...

Replacement times for CD players are normally distributed with a mean of 7.1 years and standard deviation of 1.4years. Find the probability that a randomly selected CD player will

Business statistics, Betting on sporting events is big business both in the...

Betting on sporting events is big business both in the US and abroad. Consider, for instance, next winter’s American football tournament known as the Superbowl. Billions of dollars

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