Westcliff University Coefficients Statistics Worksheet

Question

5

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: (

4

2

3

references)

How do you interpret the effect of significant coefficients?

How are the distribution of the observed residuals of the constructed model tested for normality?

How can the regression model be used for prediction?

Visually communicate your responses to the questions above by developing an infographic.

Tips on Designing an Infographic

Build an infographic and attach a written summary for items which cannot fit on the infographic.

An information graphic (infographic) is a visual representation of a data set or instructive material. Infographics take a large amount of information in text (or numerical form) and then condense it into a combination of images and text highlights. This modern data transformation technique allows viewers to quickly grasp essential insights about a specific subject. Review this ten-minute video (link below) to see what elements go into creating an effective infographic. It will provide some background on how to complete your assignment for this week.

How to

C

reate an Infographic – Part

1

: What Makes a Good Infographic?

Get as creative as possible, and design a well-organized, easy to understand infographic. You can visit

Piktochart

,

Canva

,

Venngage

, and

Visme

online for infographic examples, tips on how to create them, and templates.

S

hare your completed infographic in GAP. Be sure to share the file in a format your instructor can view such as PDF. Search the help section of the tool you chose to use to find out the options for downloading, sharing, and publishing your infographic.

Question

6

: (400-500 words) (Please have 2-3 references)

Although natural gas is currently inexpensive and nuclear power currently (and perhaps deservedly) does not have a good reputation, it is possible that more nuclear power plants will be constructed in the future.

Table 4

presents data concerning the construction costs of light water reactor (LWR) nuclear power plants. The dependent variable, C, construction cost, is expressed in millions of dollars, adjusted to a 1

9

7

6 base. Preliminary analysis of the data and economic theory indicate that variation in cost increases as cost increases. This suggests transforming cost by taking its natural logarithm.

SPower plant capacity in MWe

N

Cumulative number of power plants built by the contractor

1.Build a multiple regression model to predict ln(C) by taking S and N or their natural logarithms as the independent variables. Make sure to check for multicollinearity.

2.Use residual analysis and R2 to check your model.

3.State which variables are important in predicting the cost of constructing an LWR plant, and

4.State a prediction equation that can be used to predict ln(C).

Table 4

Data Concerning Construction of Light Water Reactors

Plant

CSN1

460.05

6

8

7

14

2

452.99

1,065

13

443.

22

1,06

514

652.

32

1,065

12

5

642.

23

1,0651

26

345.39

51437

27

2.37

822

58

3

17

.

21

457

19

457.12

82

25

10

690.19

792

2

11

350.63

560

31

2

402.59

790

613

412.

18

5

30

214

495.58

1,050

7

15

394.36

850

16

16

423.32

778

317

712.27

845

1718

28

9.66

530219

881.

24

1,090

1

20

490.88

1,050

821

567.79

913

1522

665.99

828

2023

621.45

786

1824

608.8

821325

473.64

538

1926

697.14

1,130

2127

207.51

745

828

288.48

8217

29

284.88

886

1130

280.36

8861131

217.38

745832

270.71

88611 Question 1: (400-500 words) (Please have 2-3 references)

How do you interpret the effect of significant coefficients?
How are the distribution of the observed residuals of the constructed model tested for
normality?
How can the regression model be used for prediction?
Visually communicate your responses to the questions above by developing an infographic.
Tips on Designing an Infographic
Build an infographic and attach a written summary for items which cannot fit on the
infographic.
An information graphic (infographic) is a visual representation of a data set or instructive
material. Infographics take a large amount of information in text (or numerical form) and then
condense it into a combination of images and text highlights. This modern data transformation
technique allows viewers to quickly grasp essential insights about a specific subject. Review this
ten-minute video (link below) to see what elements go into creating an effective infographic. It
will provide some background on how to complete your assignment for this week.

How to Create an Infographic – Part 1: What Makes a Good Infographic?

Get as creative as possible, and design a well-organized, easy to understand infographic. You can
visit Piktochart, Canva, Venngage, and Visme online for infographic examples, tips on how to
create them, and templates.
Share your completed infographic in GAP. Be sure to share the file in a format your instructor
can view such as PDF. Search the help section of the tool you chose to use to find out the options

Question 2: (400-500 words) (Please have 2-3 references)
Although natural gas is currently inexpensive and nuclear power currently (and perhaps
deservedly) does not have a good reputation, it is possible that more nuclear power plants will be
constructed in the future. Table 4 presents data concerning the construction costs of light water
reactor (LWR) nuclear power plants. The dependent variable, C, construction cost, is expressed
in millions of dollars, adjusted to a 1976 base. Preliminary analysis of the data and economic
theory indicate that variation in cost increases as cost increases. This suggests transforming cost
by taking its natural logarithm.
S Power plant capacity in MWe
N Cumulative number of power plants built by the contractor
1. Build a multiple regression model to predict ln(C) by taking S and N or their natural
logarithms as the independent variables. Make sure to check for multicollinearity.
2. Use residual analysis and R to check your model.
3. State which variables are important in predicting the cost of constructing an LWR plant,
and
4. State a prediction equation that can be used to predict ln(C).
2
Table 4
Data Concerning Construction of Light Water Reactors
Plant
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
C
460.05
452.99
443.22
652.32
642.23
345.39
272.37
317.21
457.12
690.19
350.63
402.59
412.18
495.58
394.36
423.32
712.27
289.66
881.24
490.88
567.79
S
687
1,065
1,065
1,065
1,065
514
822
457
822
792
560
790
530
1,050
850
778
845
530
1,090
1,050
913
N
14
1
1
12
12
3
5
1
5
2
3
6
2
7
16
3
17
2
1
8
15
22
23
24
25
26
27
28
29
30
31
32
665.99 828 20
621.45 786 18
608.8
821
3
473.64 538 19
697.14 1,130 21
207.51 745
8
288.48 821
7
284.88 886 11
280.36 886 11
217.38 745
8
270.71 886 11

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