--%>
Assignment Help - homework help

develop the most appropriate regression model

Predicting Courier Costs

The law firm of Adams, Babcock, and Connors is located in the Dallas-Fort metroplex.  Randall Adams is the senior and founding partner of the firm.  John Babcock has been a partner in the firm for the past eight years, and Blake Connors became a partner just last year.  The firm employs two paralegal assistants and three secretaries.  In addition, you, the newly hired office manager, are in charge of day-to-day operations and manage the financial affairs of the law firm. 

A major aspect of the law firm's business is the preparation of contracts and other legal documents for its clients.  A courier service is employed by the firm to deliver legal documents to its many clients as they are scattered throughout the metroplex.  The downtown centers of Dallas and Fort Worth are separated by a distance of approximately (30) miles.  With the large sizes of these cities and their associated heavy traffic, a trip by car from the southwest side of Fort Worth to the northeast side of Dallascan easily take longer than an hour which could impact courier costs.

In order to improve the firm's planned expenditures, you have been asked to derive a regression model that would be best in predicting courier costs.  The information provided in the Excel file E281 Project 2 Data, includes cost (charge for the delivery), pickup time (time in minutes from when the order is phoned in until a courier agent arrives), delivery time (time in minutes that it takes for the documents to be delivered), and mileage (distance in miles from the law firm to the destination).

(a).  Select only (1) of the (3) independent variables provided to use in your regression model.  Justify your selection by ONLY applying the p-value approach.

(b).  Using your results in (a), develop the most appropriate regression model using a linear model, quadratic model, and cubic regression model.  

(c).  Using your results in (a), develop the most appropriate model using a linear model, log-logmodel, logarithmic model, and exponential model.

(d).  Write a (1) page report that summarizes your results and methodology, and explain your perspective of the models you developed in (b) and (c).  In regards to your results in (b) and (c), which model would you choose.  Briefly explain.

   Related Questions in Basic Statistics

  • Q : Time series what are the four

    what are the four components of time series?

    		•
  • Q : Define SPIN simulation modes SPIN: •

    SPIN: • SPIN generates C program that is the model checker – The pan verifier • Process Analyzer – Run the pan executable to do the model check

    		•
  • Q : Compare the test results The grade

    The grade point averages of 61 students who completed a college course in financial accounting have a standard deviation of .790. The grade point averages of 17 students who dropped out of the same course have a standard deviation of .940. Do the data indicate a

    		•
  • Q : Decision Variables Determine Decision

    Determine Decision Variables: Let X1 be the number of private homes to be inspectedLet X2 be the number of office buildings to be inspect

    		•
  • Q : Explain Service times Service times: A)

    Service times:A) In most cases, servicing a request takes a “short” time, but in a few occasions requests take much longer.B) The probability of completing a service request by time t, is independent of how much tim

    		•
  • Q : Problems on ANOVA We are going to

    We are going to simulate an experiment where we are trying to see whether any of the four automated systems (labeled A, B, C, and D) that we use to produce our root beer result in a different specific gravity than any of the other systems. For this example, we would l

    		•
  • Q : Designing a system What are the

    What are the questions that comes into mind when designing a system?

    		•
  • Q : Stats The College Board SAT college

    The College Board SAT college entrance exam consists of three parts: math, writing and critical reading (The World Almanac 2012). Sample data showing the math and writing scores for a sample of twelve students who took the SAT follow. http://west.cengagenow.com/ilrn/books/assb12h/images/webfiles/

    		•
  • Q : Get Solved LP Problems Solve Linear

    Solve Linear Programming Questions A producer manufactures 3 models (I, II and III) of a particular product. He uses 2 raw materials A and B of which 4000 and 6000 units respectively are obtainable. The raw materials per unit of 3

    		•
  • Q : State the hypotheses At Western

    At Western University the historical mean of scholarship examination score for freshman applications is 900. Population standard deviation is assumed to be known as 180. Each year, the assistant dean uses a sample of applications to determine whether the mean ex

    		•