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Shrimp from 1982 to 1990, There Was a Decrease in the Number

question 169

Essay

Shrimp From 1982 to 1990, there was a decrease in the number of white shrimp harvested
from the Galveston Bay. Here is the regression analysis and a residual plot. The year has
been shortened to two digits (82, 83…) and the dependent variable is the number of shrimp
collected per hour. Dependent Variable: Shrimp/hour
$\begin{array} { l } \text { R-sq } = 0.9496342 \\\mathrm {~s} : 6.0232354\end{array}$
$\begin{array} { l r r } \text { Parameter } & \text { Estimate } & \text { Std. Err. } \\ \text { constant } & 816.71111 & 66.903419 \\ \text { year } & - 8.9333333 & 0.77759635 \end{array}$
$Shrimp From 1982 to 1990, there was a decrease in the number of white shrimp harvested from the Galveston Bay. Here is the regression analysis and a residual plot. The year has been shortened to two digits (82, 83…) and the dependent variable is the number of shrimp collected per hour. Dependent Variable: Shrimp/hour \begin{array} { l } \text { R-sq } = 0.9496342 \\ \mathrm {~s} : 6.0232354 \end{array} \begin{array} { l r r } \text { Parameter } & \text { Estimate } & \text { Std. Err. } \\ \text { constant } & 816.71111 & 66.903419 \\ \text { year } & - 8.9333333 & 0.77759635 \end{array} a. Write the regression equation and define your variables. b. Find the correlation coefficient and interpret it in context. c. Interpret the value of the slope in context. d. In 1991, the shrimp production rebounded (in part due to the effects of El Nino) to 81 shrimp/hour. Find the value of this residual. e. The prediction for 1991 was very inaccurate. What name do statisticians give to this kind of prediction error?$

a. Write the regression equation and define your variables.
b. Find the correlation coefficient and interpret it in context.
c. Interpret the value of the slope in context.
d. In 1991, the shrimp production rebounded (in part due to the effects of El Nino) to 81
shrimp/hour. Find the value of this residual.
e. The prediction for 1991 was very inaccurate. What name do statisticians give to this kind
of prediction error?

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Definitions:

Formulating Strategies

The process of creating plans and actions that define the direction of an organization or individual to achieve specific goals.

Implementing Strategies

The action phase where planned strategies are executed to achieve the organization's objectives.

Evaluating Strategies

The process of assessing the effectiveness and efficiency of different business strategies to meet organizational goals and objectives.

Benchmarking

The practice of comparing business processes and performance metrics to industry bests or best practices from other industries to improve performance.