Excel Problems-Quantitative Assignment

10-The Decision Sciences Department is trying to determine whether to rent a slow or a fast copier. The department believes that an employee’s time is worth $15 per hour. The slow copier rents for $4 per hour,
and it takes an employee an average of 10 minutes to complete copying. The fast copier rents for $15 per hour, and it takes an employee an average of six minutes to complete copying. On average, four employees per hour need to use the copying machine. (Assume the copying times and interarrival times to the copying machine
are exponentially distributed.) Which machine should the department rent to minimize expected total cost per hour?

32-A power company located in southern Alabama wants to predict the peak power load (i.e., the maximum amount of power that must be generated each day to meet demand) as a function of the daily high temperature (X). A random sample of 25 summer days is chosen, and the peak power load and the high temperature are recorded each day. The file P13_32.xlsx contains these observations.

Don't use plagiarized sources. Get Your Custom Essay on
Excel Problems-Quantitative Assignment
Just from $13/Page
Order Essay
  1. Create a scatterplot for these data. Comment on the observed relationship between Y and X.
  2. Estimate an appropriate regression equation to predict the peak power load for this power |company. Interpret the estimated regression coefficients.
  3. Analyze the estimated equation’s residuals.
    Do they suggest that the regression equation is adequate? If not, return to part b and revise your equation. Continue to revise the equation until the results are satisfactory.
  4. Use your final equation to predict the peak power load on a summer day with a high temperature of 100 degrees.

35-The file P13_35.xlsx contains the amount of money spent advertising a product (in thousands of dollars) and the number of units sold (in millions) for eight months.

a. Assume that the only factor influencing monthly sales is advertising. Fit the following two curves to these data: linear (Y 5 a 1 bX) and power (Y 5 aXb). Which equation best fits the data?

b. Interpret the best-fitting equation.
c. Using the best-fitting equation, predict sales during a month in which $60,000 is spent on advertising.

Quantitative Assignment

  • Problem 10 – Page 696
  • Problem 32 – Page 764
  • Problem 35 – Page 764

Use of Excel in Forecasting Problems

Excel Analysis Tool Pack

The Excel Analysis Tool Pack is an Excel add-in that is typically included in the Excel screen tool bar after you select the DATA tab.  The icon will be titled: “Data Analysis” and is located on the right side of the tool bar. If the tool pack is not appearing, go to the Excel add-ins to add the tool pack to your spreadsheet toolbar. This tool pack contains a number of basic data analysis tools that you may be familiar with; such as: Correlation, Descriptive Statistics, Exponential Smoothing, Histograms, Moving Averages, and so on.

I recommended that you access the tool pack by selecting the “Data Analysis” icon and review the various analysis tools.  To get a detailed description of an analtyical tool, select the tool, select Help, and then scroll down the screen to select the function. For instance: Select “Data Analysis” icon à Select “Correlation” à Select “Help” à scroll to the later part of screen to select “Correlation” again à this will provide you with a definition of the function.

Informational video for your review: https://www.youtube.com/watch?v=4lAvbp-yVs8

This informational video will illustrate the use of the Excel data analysis tool for various statistical functions, such as: mean, median, hypothesis, regression analysis.  The intent of this video is to ensure that you are aware of additional Excel analysis capabilities, how to access the Tool Pack and what some of the analytical capabilities are.

Hint: There are a number of interactive tutorials online…so, do not hesitate to search the web for additional information. A link for the Lynda tutorial site was provided earlier in the course.  However, here is access information if you have not use Lynda as yet: To start using Lynda, go to -> www.esc.edu/lynda   (you will need to put this link in your browser).  When prompted, log in with your ESC College credentials (email address & password).

Creating Graphics and Including Analysis Results

When working on the two forecasting problems in this Module, it is important that you demonstrate the correct use of Excel analytics by creating: Scattergrams, adding Trendlines, including Regression data / Regression Equation, identifying R-squared value and the use of linear, exponential, power curves for Best Fit  analysis, and on so.  Finally, graphics should be appropriately labeled (x and y axis).  All of these analysis functions can be found in the Excel tool bar after you insert the scattergram plot to your spreadsheet (based on the data that is provided). Once the basic graphic has been created, select the graphic and the tool bar will display the Chart tools: Design, Layout, Format.  Select “Layout” to obtain access to the analytical tools required to complete your chart. When asked to interpret data – use your graphic display and analytical results to facilitate the interpretation.  For instance:  Interpret the estimated regression coefficients?  Use the Regression Equation to identify the coefficients and then provide a brief discussion regarding the influence of the coeficients. Be sure it is a “Best Fit” solution. Check your R2 values.

Video – Trend Lines and Regression Analysis in Excel (12 min):

https://www.youtube.com/watch?v=6rOlGbLeQxI

The intent of the following video is to provide you with an overview of adding a trend line to a chart along with the Excel regression analysis.  (Note: Video is actually 12 min versus a stated run time of 15 min.)

Essaywriters4me

Calculate The Price Of Your Paper

Pages
{{total || ""}}

Why Choose Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

Customer Support 24/7

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Freebies
Our FREE services
Every order comes with these awesome features.
Order Now
Money Back Guarantee
FREE Best essay writer across your subject
FREE Cover page and bibliography
FREE APA/MLA/Chicago formatting
FREE Free Revisions
FREE 24/7 customer support hotline and chat

Essays

Essay Writing Services

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission and Business Papers

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Editing

Editing and Proofreading

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Coursework

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.