(a) Using the following data set, calculate the line of best fit using the least-squares (regression/correlation analysis) method. The evaluated points for each organizational job (X) and the actual pay rate (Y) from survey data are shown below.
(b) Show all of your work step by step (including intermediate steps) as you work through our formula manually.
(c) Then check your calculations using any statistics or statistics-related program. Print/Save a copy of your work (printout of regression equation, descriptive statistics, and scatterplot).
(d) Using your results, find the rate of pay for an organizational job worth 210 points.
(e) Write a one-page summary of your results. In your summary, explain to a manager who does not have a good statistics background the use and benefits of the least-squares method for predicting pay rates using the job point evaluation method. Also, explain how well your model “fits” the data. Attach a copy of your file showing the statistics.
Job X Points Y Rate
A 50 $2.00
B 75 $2.30
C 100 $2.65
D 125 $3.05
E 150 $3.50
F 175 $4.00
G 200 $4.60
H 225 $5.29
I 250 $6.08
This question was asked on Jan 27, 2013 and answered on Jan 29, 2013.
Recently Asked Questions
- Describe the characteristics of a successful local emergency manager. What kinds of experience, training, and education should that person have to work in your
- Please refer to the attachment to answer this question. This question was created from Homework Assignment 5 Derivatives.
- Choose a professional nursing organization that relates to the nursing profession or your clinical practice area. Assuming that you are the chairperson of