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ABC Manufacturing Co. has just observed a job in its laboratory in anticipation of releasing the job to the factory for production. The firm wants rather a good accuracy for costing and labor
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1.6 |
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1.5 |
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- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?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. Difficult because so many effective methods are available.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…
- The National Revenue Authority (NRA), is charged with the collection of tax revenues for the National Treasury. Each year they are given a target to achieve. However, from past experience the Authority has realized the actual collections achieved is dependent on the performance of the economy. This has gotten the Commissioner worried to such an extent that he has summoned a meeting of all the Unit Directors to consider how well to incorporate this uncertainty into the Authority’s decision making and planning. Being the Director of Planning, you have been tasked with the guidance of the whole team. Required: a) Advise on the procedure generally followed in the decision making process. b) Explain clearly the key activities involved in the risk assessment process. c) Comment on the relationship between decision making and risk analysis. d) Briefly explain the characteristics of the main decision types and which one would be more at play in this situation.All patients admitted to a particular hospital can be released on the same day or kept overnight forobservation. In a sample of 2550 patients, 1020 were kept overnight for observationa) What is the point estimate ?̂for the proportion of all patients kept overnight forobservation? [1]b) Construct a 99% confidence interval for the proportion of all patients kept overnight forobservation.In a manufacturing company, a product “A” is manufactured from components “B” and “C”. Also, the component “B” is manufactured from parts “D” and “E”. Which items should be forecasted?
- . Two servers in a restaurant predict how many guests will come for dinner in the nextfour days. The first server predicts the number of guests to be 23 for day 1, 35 for day 2,30 for day 3, and 28 for day 4. The second server predicts 26, 27, 28, and 29 for the fourrespective days. The actual attendance turns out to be 30, 22, 31, and 25. Who has thebigger forecast bias? What are the MSE and the MAE for the two servers?A firm has modeled its experience with industrial accidents and found that the number of accidents per year is related to the number of employees by the regression equation Y = 6.6 + 0.098*X. R-Square is 0.72. The regression is based on 20 annual observations. The firm intends to employ 480 workers next year. How many accidents do you project? 47.04 accidents 8.66 accidents 53.64 accidents 72% of the 480 workers 28.56 accidentsThe managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c Click the icon to view the monthly data. a. Develop a simple linear regression model between billable hours and overhead costs. Overhead Costs 105.790.5+ (47.3714) x Billable Hours (Round the constant to one decimal place as needed. Round the coefficient to four decimal places as needed. Do not include the $ symbol in your answers) b. 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, bo, if appropriate. Choose the correct answer below. OA. The value of bo is the predicted overhead costs for 0 billable hours OB. For each increase of 1 unit in billable hours, the predicted overhead costs are estimated to increase by bo C. It is not appropriate to interpret bo. because its value is the predicted…
- 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 measures6. A careful analysis of the cost of operating an automobile was conducted by accounting manager Dia Bandaly. The following model was developed: y=4,000+0.20x, where y is the annual cost and x is the miles driven. Part 2 a) If the car is driven 15,000 miles this year, the forecasted cost of operating this automobile= ___________ (enter your response as a whole number).12.14. The Great Northwest Outdoor Company is a catalog sales operation that specializes in outdoor recreational clothing. Demand for its items is very seasonal, peaking during the holiday season and during the spring. It has accumulated the following data for orders per "season" (quarter) during the past five years: Orders (1000s) Quarter/Year 1 3 4 January-March 18.6 18.1 22.4 23.2 24.5 April-June 23.5 24.7 28.8 27.6 31.0 July-September 20.4 19.5 21.0 24.4 23.7o October-December 41.9 46.3 45.5 47.1 52.8 col ban a. Develop a seasonally adjusted forecast model for these order bas art data. Forecast demand for each quarter for year 6 (using a linear trend line forecast estimate for orders in year 6). b. Develop a separate linear trend line forecast for each of the four seasons and forecast each season for year 6. c. Which of the two approaches used in parts (a) and (b) appear to be the most accurate? Use MAD to verify your selection.