(a) Using the following data set, calculate the line of best fit using the least
ID: 403284 • Letter: #
Question
(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) how can i use these data to work it on Excel using the regresion analysis or scatterplot
(d) how can I find the rate of pay for an organizational job
(e) 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 %u201Cfits%u201D the data.
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
Explanation / Answer
A-50 *2=100
B- 75*2.30=172.5
c=100*2.65=265
as per least square method job A B C has the lowest points so that should be selected....
computation of how A B C has been considered as lowest..
50 75 100
125 150 175
200 225 250
as in first row and column 50 is lowest that should be selected
in 2nd row and colmn 75 is lowest
in 3rd row and column 100 is lowest.......
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