Solution 1 cost unit material cost unit labor hrs unit milling
Solution cost unit material cost unit labor hrs
Solution cost unit material cost unit
unit material cost unit labor hrs unit milling
Solution cost unit material cost
unit labor hrs unit milling
Solution cost unit material
Solution cost
(Solution) 1 cost(\$/unit) material cost (\$/unit) labor hrs(\$/unit) milling

 Category: General Words: 1050 Amount: \$12 Writer:

Paper instructions

Many companies custom manufacture products based on customers’ specifications. One of the challenges that these companies often face is to figure out how to price these custom products. The difficulty arises from the fact that the customers have to be provided with a price quote before the contract is awarded, and given the variation in the products, the manufacturing company does not have an accurate idea of its costs beforehand. The data in the file Costs.jmp comes from a manufacturer of milled metal components. Currently, the managers quote a price based on experience. However, the company is wondering if data on other factors (on which it has better information beforehand) can help it to arrive at a more accurate estimate of its per unit costs. Historical data on a couple of different factors and the corresponding product costs is provided to you. Conduct a correlation analysis to provide some guidance to the managers.1 cost(\$/unit) material cost (\$/unit) labor hrs(\$/unit) milling ops 2 34.51 2.241216 0.267 11 3 26.09 2.2244 0.5 6 4 34.84 2.353568 0.367 10 5 38.73 2.79654 0.417 10 6 40.36 3.7532 0.383 5 7 30.55 3.015245 0.167 6 8 35.96 2.405248 0.367 9 9 32.6 1.350278 0.383 7 10 44.18 2.484549 0.333 5 11 38.39 2.35873 0.483 19 12 44.97 2.723553 0.267 9 13 46.94 2.094015 0.75 12 14 34.01 3.805637 0.4 14 15 51.9 1.8193 0.417 8 16 38.44 1.556652 0.417 10 17 33.55 1.443596 0.133 7 18 42.27 1.576124 0.183 9 19 49.99 3.89759 0.583 13 20 91.6 1.7848 0.367 11 21 39.08 3.567564 0.55 14 22 54 3.529827 0.5 17 23 31.94 1.13778 0.217 5 24 29.16 3.0726 0.5 15 25 51.22 2.106489 0.383 14 26 61.43 3.444576 0.6 14 27 25.69 1.042625 0.283 5 28 33.56 2.554152 0.55 17 29 32.92 2.324916 0.5 12 30 41.16 0.977132 0.417 14 31 39.71 1.464238 0.4 11 32 42.05 2.092356 0.533 18 33 47.52 2.42256 0.533 18 34 43.43 2.258638 0.25 10 35 55.68 4.23592 0.55 20 36 31.44 1.321608 0.283 9 37 36.43 3.647967 0.283 10 38 37.01 1.202366 0.3 8 39 42.23 2.305264 0.5 16 40 44.9 2.306335 0.533 15 41 29.8 1.566075 0.383 14 42 24.52 1.982331 0.55 11 43 32.42 1.326424 0.217 9 44 25.33 1.978132 0.333 9 45 27.5 1.805585 0.35 7 46 46.32 4.063872 0.35 10 47 40.69 1.238886 0.417 9 48 51.04 2.138752 0.5 12 49 40.13 1.326268 0.517 9 50 40.09 3.113295 0.317 7 51 24.55 1.09208 0.25 9 52 40.85 6.560406 0.317 12 53 48.08 1.782406 0.367 12 54 45.45 2.088528 0.433 15 55 46.32 1.399554 0.467 8 56 49.55 6.60582 0.483 13 57 40.28 3.791715 0.417 7 58 24.55 2.764456 0.45 14 59 52.93 1.824724 0.483 12 60 47.91 1.921983 0.55 19 61 38.02 1.4796 0.283 11 62 46.8 1.74669 0.65 13 63 35.46 1.56506 0.45 8 64 25.2 1.397792 0.367 14 65 39.54 1.156752 0.417 7 66 50.14 0.886473 0.5 7 67 33.81 3.939006 0.333 16 68 43.01 1.582617 0.5 12 69 32.36 2.667249 0.3 10 70 39.36 0.902328 0.55 5 71 56.22 6.06373 0.617 17 72 36.47 2.015369 0.533 18 73 31.62 1.27882 0.35 10 74 38.15 3.784562 0.567 16 75 40.66 3.28024 0.467 17 76 29.77 1.046976 0.283 9