A Structural Drafter Estimates That 50 Gusset Plates Will Be

question 3

Short Answer

A structural drafter estimates that 50 gusset plates will be needed to frame a building. It was found that only 40 were needed. The actual amount is within what percent to the nearest tenth percent of the estimate?

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Definitions:

Cost Analysis

The process of evaluating the costs involved in producing a product or providing a service, to determine ways to reduce or manage expenditures.

R-squared

A statistical measure that represents the proportion of the variance for a dependent variable that's explained by an independent variable or variables in a regression model.

Dependent Variable

A variable that responds to some causal factor; total cost is the dependent variable, as represented by the letter Y, in the equation Y = a + bX.

Independent Variable

A variable in an experiment that is manipulated to observe its effect on the dependent variable.