EPS 1: Exam 2
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Independent Variable
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x
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Dependent Variable
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y
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Mathematical Models
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expressions that describe some phenomena using fundamental laws, empirical data, and combination
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Parameter Estimation
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use of sample data to estimate parameters
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Linear Model
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y=mx+b
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Power Law Model
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y=bx^m
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Linearized/Transformed Power Law Model
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log(y)=log(b)+mlog(x)
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Exponential Model
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y=be^(mx)
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Linearized/Transformed Exponential Model
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ln(y)=ln(b)+mx
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Linear Model Graph Paper
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Rectilinear
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Power Law Model Graph Paper
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Log-log
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Exponential Model Graph Paper
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Semi-Log
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Residual R
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the distance between the data point and the line of best fit
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Least-Squares Line
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line when the sum of the squares of the residuals is the smallest possible
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Least-squares
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only done with the linearized forms
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Correlation Coefficient r
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measure of the linear relationship between x and y
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r=1
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Perfectly correlated with positive slope
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r=-1
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perfectly correlated with negative slope
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r=0
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No correlation
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Coefficient of determination r²
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indicates the fraction of the variance explained
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r²=1
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Perfect fit
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Cash Flow Diagram
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depicts equivalent amounts of money at different times or costs and income time line
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↑
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Money in
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↓
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Money out
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Accounting Period n
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Time period over which interest is paid
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Interest Rate i
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Rate paid per accounting period
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Simple Interest
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Interest paid only on original principle
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Compound Interest
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Interest paid on principle and accumulated interest
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P
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present worth
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F
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Future value
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Annuities A
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A series of equal payments at regular intervals that accrue compound interest
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Sinking Fund
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Produce an amount of money at some future time
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Installment Loan
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Payments made on an amount borrowed
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Prototype Project
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Initial Cost, Operation and Maintenance, Salvage Value
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Initial Cost
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Present worth
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Operation and Maintenance
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annual costs
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Salvage Value
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Future cost
