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Graphing of Scatter Diagram as well as least square lines

In a random model of eight military contracts involving cost overruns, the subsequent information was obtained. X = bid price of the contract (in millions of dollars) and y = cost of overrun (expressed as a percent of the bid price).



















1) Draw the scatter diagram for this data.

2) Find the slope, b, and the intercept, a, for the least-squares line. prepare the equation of the least -squares line.

3) Graph the least-squares line on your scatter diagram.

If an overrun contract was bid at 12 million dollars what does the least-squares line predict for the cost of overrun (as a percent of bid price)?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M921281

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