a.) What benefit does a variable provide when developing and examining models?
b.) Explain the purpose of simple linear regression and scatter diagrams. Please provide a simple linear regression model and define each variable used.
c.) Describe multiple regression analysis and discuss potential uses for this model.
a.) A variable is a value that can take different values depending on particular circumstances. As such a variable can take on many values as and when the situation dictates.
Since a variable is not static its changing nature can help the estimator determine the possible values of a function for different variable values. For example, assume that the total amount of gas used is a function of distance travelled and time taken. The total gas cost can be determined for many distances travelled i.e. 20, 30, 40 miles.
b.) A simple linear regression is a function that has a constant and variable portion. The ...
The benefits of developing and examining models are determined. The expert describes multiple regression analysis and discusses the potential uses for the models.