You are a project analyst at Chenco Ltd. One of your responsibilities is to help top management examine how project management efficiency can be improved. You have been using earned value management (EVM) to analyze project management efficiency project by project. This time, however, you want to study how the duration of a deliverable affects its cost. You will use Minitab to visualize the relationship between the duration of project deliverables and their costs with a scatterplot/scatter diagram. The PMO director would also like you to quantify the relationship by calculating a correlation coefficient. You randomly select 20 projects and choose randomly 20 completed deliverables, their completion times and costs. These data are stored in the attached Minitab worksheet.
Project Management Efficiency Analysis
Duration Time to complete a deliverable
Cost Cost of a deliverable
In a Word processor document, answer the following questions:
1) Identify the explanatory and response variables. Explain clearly your choice (minimum one paragraph). (4points)
2) Display a scatterplot with a regression line to examine the relationship between duration of deliverables and costs. Copy and paste your scatterplot here. (4points)
3) What does the scatterplot tell you about the variables? Your answer must be related to this specific graph. It cannot be generic. (4points)
4) Calculate the coefficient correlation. What does it mean? Your answer must be specific to this problem. It cannot be generic. (4points)
5) Based on your analysis, what are your recommendations for management? Support your recommendations with evidence. (4points)
Write a short paper containing the answers to these questions. Successful reports will include:
Evidence of research from academia and other reputable sources (Wikipedia is NOT a reliable source).
References are correctly cited within the body of the paper. APA format is required for in-text citation.