An engineering firm is interested in investigating whether the variability in the cost of small projects (defined
Question:
An engineering firm is interested in investigating whether the variability in the cost of small projects (defined as projects under $10 million) can be accounted for, in part, by differences in the number of direct engineering consulting hours billed. A random sample of 24 small projects was randomly selected from small projects performed over the past two years. The number of engineering consulting hours billed for each project, along with the project’s cost, was recorded. The results are shown below:
b. Construct and interpret a 95% confidence interval estimate for the regression slope coefficient.
c. Provide a 95% confidence interval for the average value of y when xp = 3,500.
d. Provide a 95% prediction interval for total project cost for a particular project with 3,500 billed consulting hours.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Business Statistics A Decision Making Approach
ISBN: 9780133021844
9th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
Question Posted: