The Linear Regression method

EXCEL ASSIGNMENT

Assume the following data (where the 690 is the last three digits of your panther id):

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Month Machine Hours (hrs.) Maintenance Costs ($)
1 1,240 103,690
2 1,400 107,690
3 1,250 103,690
4 1,470 108,690
5 1,620 116,690
6 1,660 115,690
7 1,490 107,690
8 1,280 101,690
9 1,450 106,690
10 1,580 113,690
11 1,300 100,690
12 1,600 113,690
13 1,650 113,690
14 1,440 109,690
15 1,350 102,690
16 1,680 116,690
17 1,480 106,690
18 1,360 103,690
19 1,340 103,690
20 1,540 112,690
21 1,320 102,690
22 1,410 104,690
23 1,230 101,690

For example, if your panther id is 1234567, then your maintenance costs would be $103,567 in month 1; $107,567 is month 2; $113,567 in months 10, 12, and 13.

Assume that the following relationship holds:

Maintenance Costs = a + (b * Machine Hours)

REQUIRED

Estimate the values of a and b, using,

1. the High-Low Method, and

2. the Linear Regression method.(for help try “Linear Regression in Excel” on YouTube)

Note, to use the linear regression method, you MUST use the Microsoft Excel program.

Make sure to report

a. the values of a and b;

b. a scatter plot of the data points, and

c. the R-square or the adjusted R-square

3. Which of the above two methods is more appropriate? Why ? (3 sentences maximum)

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