--%>
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 : Building Models Building Models • What

    Building Models • What do we need to know to build a model?– For model checking we need to specify behavior • Consider a simple vending machine – A custome rinserts coins, selects a beverage and receives a can of soda &bul

    		•
  • Q : Assumptions in Queuing system

    Assumptions in Queuing system: • Flow balance implies that the number of arrivals in an observation period is equal to the

    		•
  • 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

    		•
  • Q : Time series what are the four

    what are the four components of time series?

    		•
  • Q : OIL I need to product when oil will

    I need to product when oil will finish time (by years) for 6 countries if the keep their production (per day) in the same level. So, the 6 countries have fixed reserves and production 1. statistics for Bahrain Crude oil reserves (million barrels) = 124.6 be careful in million Crude oil producti

    		•
  • Q : Cumulative Frequency and Relative

    Explain differences between Cumulative Frequency and Relative Frequency?

    		•
  • Q : Develop the most appropriate regression

    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 partne

    		•
  • Q : Average think time Software monitor

    Software monitor data for an interactive system shows a CPU utilization of 75%, a 3 second CPU service demand, a response time of 15 seconds, and 10 active users. Determine the average think time of these users?

    		•
  • Q : Principles of data analysis For the

    For the data analysis project, you will address some questions that interest you with the statistical methodology we are learning in class. You choose the questions; you decide how to collect data; you do the analyses. The questions can address almost any topic,

    		•
  • Q : Statics for each of the following

    for each of the following studies a and b decide whether to reject the null hypothesis that groiups come from identical populations. Use the .01 level. (c) Figure the effects size for each study. (d) ADVANCED TOPIC: Carry out an analysis of variance for study (a) using the strucurtal method.

    		•