Selection and employment of the correct estimation method is: Multiple Choice O O O Easy once the data is gathered. Relatively easy because only two effective methods exist. Dependent on the accuracy/cost tradeoff for the estimation objectives. Primarily subjective in nature. b Difficult because so many effective methods are available.
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- This type of analysis is most appropriate when the past is a good predictor of the future.What's the difference between top-down vs bottom-up estimation strategies and which strategy is best to use in estimation?A local manufacturing firm which produces engineer to order and assemble to order high value products for the pharmaceutical industry has recently been requested by its owner to provide a proposal on the benefits of a predictive performance model and methodology from a workshop that you have recently completed. You are requested to produce the following report: 1. Review the current state of the practice of performance reporting within firms. 2. Suggest a suite of appropriate key performance measures. 3. Explain the benefits of an Ex-Ante or Predictive Performance approach to enterprise performance management. 4. Recommend a methodology on how this type of Enterprise Performance Model might be deployed within actual firms. It is recommended that you use appropriate examples from the literature or your prior industrial experience to support any recommendations that you provide.
- Develop a spreadsheet for the question. The vice president of finance has looked at your ooriginal scoring model and feels that tax considerations should be included in teh model with a weight of 15. In addition, the VP has scored the methods on tax considerations as follows: method A recieved a score of 3, method B recieved a score of 2, and Method C recieved a score of 1. How would this additional information affect your recommendation?Interpret the coefficients of your regression model. Specifically, what does the fixed component of the model mean to the consulting firm? Interpret the fixed term, b 0b0, if appropriate. Choose the correct answer below. A. It is not appropriate to interpret b 0b0, because its value is the predicted billable hours for overhead costs of 0 dollars, but the firm cannot have overhead costs of 0 dollars associated with a client. B. The value of b 0b0 is the predicted overhead costs for 0 billable hours. C. It is not appropriate to interpret b 0b0, because its value is the predicted overhead costs for 0 billable hours, but someone with 0 billable hours would not actually be a client of the firm. D. For each increase of 1 unit in billable hours, the predicted overhead costs are estimated to increase by b 0b0. E. The value of b 0b0 is the predicted billable hours for an overhead cost of 0 dollars. F. For each increase of 1 unit in…Cost Estimation; High-Low and Regression Methods The Mac Davis Company specializesin the purchase, renovation, and resale of older homes. Mac employs several carpenters and paintersto do the work for him. It is essential for him to have accurate cost estimates so he can determinetotal renovation costs before he purchases a piece of property. If estimated renovation costs plus thepurchase price of a house are higher than the house’s estimated resale value, it is not a worthwhileinvestment.Mac has been using the home’s interior square feet for his exterior paint cost estimations. Recentlyhe decided to include the number of external openings—the total number of doors and windows ina house—as a cost driver. Their cost is significant because they require time-consuming preparatorywork and careful brushwork. The rest of the house usually is painted either by rollers or spray guns,which are relatively efficient ways to apply paint to a large area. Mac has kept careful records of theseexterior…
- General Motors would like an estimate of the chance that Tesla will bring the cost of batteries down from $300 per kWh to $70. Dr. Tetlock has developed a process whereby selected teams are better estimators of future probabilities than experts, General Motors is willing to pay Dr. Tetlock for his teams' O scenarios O contingency plans O forecastsWhat are the key considerations when modeling time-dependent data, such as temporal databases or event sourcing systems?Why is it problematic to find the most useful numbers/statistics in football? Select all that apply 1 Football is younger than baseball, so good measures have not been found yet 2 Many football positions are dependent on other players, so it is hard to evaluate their own contribution to the win 3 Football is more complicated than baseball or basketball 4 Football season contains less games than in hockey or basketball; this inexperience leads to inconsistency of measures
- Explain the compromise between responsiveness and stability in a predictive system using data from time series.What type of analytics seeks to recognize what is going on as well as the likely forecast and make decisions to achieve the best performance possible? domain predictive prescriptive descriptive What does the robustness of a data mining method refer to? its ability to construct a prediction model efficiently given a large amount of data its speed of computation and computational costs in using the mode its ability to overcome noisy data to make somewhat accurate predictions its ability to predict the outcome of a previously unknown data set accuratelyRisk analysis intervals are preferred over chance and consequence numbers for unknown reasons.