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Benefit of Developing and Examining Models

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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.

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Solution Summary

The benefits of developing and examining models are determined. The expert describes multiple regression analysis and discusses the potential uses for the models.

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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 ...

Solution provided by:
Chidi Ngene, M. Sc.
Education
  • B. Sc., University of Nigeria
  • M. Sc., London South Bank University
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