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“Parametric Estimating Homework AssignmentA contracting firm collected data on its previously completed commercial facility construction projects. The data is provided in the embedded Excel worksheet below, with the followingcolumn titles (double-click to access the worksheet):⢠Cost: Actual direct cost in $100,000⢠SqFt: Square footage of the facility in 1,000 square feet⢠LinFtInt: Linear footage of interior walls in 100 linear feet⢠SqFtExt: Square footage of exterior walls in 1,000 square feetObtaining Credit for this Assignment1. Generate three parametric models using simple linear regression for estimating the direct cost of commercial facility construction projects performed by this firm based on:a. Model 1: Square footage of the facilityb. Model 2: Linear footage of interior wallsc. Model 3: Square footage of exterior walls2. Generate the parametric model (Model 4) using multiple linear regression for estimating the cost of commercial facility construction projects performed by this firm using all threeparameters given above. Provide plots and explain in Question #4 below what they show.3. Using these four models, estimate the cost of the following two potential projects:a. SqFt = 30LinFtInt = 5SqFtExt = 14b. SqFt = 45LinFtInt = 12SqFtExt = 254. Comment briefly on the eight estimates and the four models used to generate them. Be sure to indicate all potential weaknesses in both the estimates and the underlying models. (In other words, are they valid?)5. Specify the best parametric model for estimating the direct cost of commercial facility construction projects performed by this firm. You may select one of the above models or propose a new model, but be sure that your proposal is clearly explained and well-defended,including arguments for why your chosen modelâs weaknesses are not fatal to your recommendation. Among other items, please defend why your model is valid.Parametric Estimating HW2 AssignmentPage 2 of 2 PROJ 522Cost SqFt LinFtInt SqFtExt2.92 31.00 10.50 11.002.22 21.50 8.00 10.002.09 21.00 9.00 5.002.57 26.00 7.50 6.502.64 21.00 13.00 10.002.88 30.00 9.00 12.502.73 25.00 12.00 9.002.36 22.00 9.00 7.002.56 28.00 8.00 5.003.02 32.00 15.00 12.502.23 21.00 12.00 9.002.48 21.00 13.00 11.002.04 24.00 7.00 5.002.52 26.00 9.00 8.002.43 25.00 12.00 11.002.35 26.00 9.00 6.002.54 27.00 10.00 8.002.28 20.00 12.00 6.002.16 20.00 13.00 9.002.75 24.00 12.00 12.002.28 20.00 11.00 11.002.65 28.00 11.50 8.002.54 24.00 11.00 7.002.32 20.00 13.00 6.002.57 24.00 13.00 11.002.28 25.00 8.00 7.002.34 25.00 9.00 7.002.19 17.00 13.00 7.002.15 17.00 12.50 9.002.35 24.00 11.00 9.00”

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