Question
Hello, I need help with an excel project. I need to do the following: For example, if your Panther ID is 1234567, then your maintenance
Hello, I need help with an excel project. I need to do the following:
For example, if your Panther ID is 1234567, then your maintenance costs would be $102,567 in month 1, $102,567 is month 2, $103,567, etc.?
Assume that the following relationship holds:
Maintenance Costs = a + (b * Machine Hours)
REQUIRED
Estimate the values of a and b, using,
- the High-Low Method, and
- the Linear Regression method.
Note, to use the linear regression method, you MUST use the Microsoft Excel program. Please follow the instructions on P.331 of the textbook;DIRECTIONS FOR ADD-Ins: Data Analysis Toolpak.
Make sure to report
- the values of a and b;
- a scatter plot of the data points, and
- the adjusted R-square
YOUR SUBMISSION MUST BE IN EXCEL.ONE WORKBOOK, WITH A WORKSHEET FOR EACH ANALYSIS (i.e., High-Low Method and Regression Analysis respectively).The regression analysis must include the output from the Analysis Datapak.
*** Attached is what I have already done. I need help with the regression and the scatter plot.
Month 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Machine Hours (hrs.) Maintenance Costs ($) 1,330 102758 1,400 103758 1,500 108758 1,470 108758 1,620 116758 1,690 115758 1,490 107758 1,310 102758 1,450 106758 1,580 113758 1,300 100758 1,600 113758 1,650 114758 1,440 109758 1,340 102758 1,670 114758 1,480 106758 1,360 103758 1,340 103758 1,540 112758 High Low Method Highest Lowest b a 1690 1300 77.5061538 16000 116,758 100,758Step by Step Solution
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