SCENARIO 14-4 A Real Estate Builder Wishes to Determine How House Size

question 118

Short Answer

SCENARIO 14-4
A real estate builder wishes to determine how house size (House) is influenced by family income (Income) and family size (Size). House size is measured in hundreds of square feet and income is measured in thousands of dollars. The builder randomly selected 50 families and ran the multiple regression. Partial Microsoft Excel output is provided below:


Also SSR (X₁ | X₂) = 36400.6326 and SSR (X₁ | X₂) = 3297.7917
-Referring to Scenario 14-4,what annual income (in thousands of dollars)would an individual with a family size of 4 need to attain a predicted 10,000 square foot home (House = 100)?

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Definitions:

Organizational Strategy

A long-term plan of action designed to achieve a particular goal or set of goals or objectives within an organization.

Project Objectives

Specific, measurable goals that are set to be achieved within a defined timeframe for a project.

Outcomes and Deliverables

The results, products, or achievements that are expected to be provided upon the completion of a project or process.

Gantt Chart

A type of bar chart that illustrates a project schedule and shows the dependency relationships between tasks.