Jessica and Paul run a company that provides IT support to local nonprofits and public organizations.To better estimate their staffing needs, they have been recording data on the number of support calls received from their clients per day, as shown: https://drive.google.com/file/d/1iyD02Jy69acQryj2d...For each day, in addition to the number of calls received, they also recorded the value of several other attributes:ActiveContracts – the number of clients with whom they are workingAverageClientSize – the median size of their current clients (measured by # of employees)NewSoftwareReleased – a binary variable specifying whether or not there was a new software release that day that would be relevant to their clients; a 0 indicates no new release, and a 1 indicates a new release.--Run a regression model in either Excel or RapidMiner to predict the number of calls in a given day based on the three other attributes. If using RapidMiner, be sure to change the role of Calls to label when importing, and in the Linear Regression operator, set the feature selection parameter to none. Use your regression model to answer the following questions:1) What does the coefficient on ActiveContracts tell us? Be as specific as possible.2) What does the coefficient on NewSoftwareReleased tell us? Be as specific as possible (Note that it is binary; its only possible values are 0 and 1.)3) Is AverageClientSize significant? How can you tell?4) Using this model, predict the number of calls on a day in which there are 10 active contracts, the average client size is 25, and no new software was released.5) Would we get a better model if we removed any of these attributes? If so, which one(s)? If not, why not?6) Jessica and Paul suspect that calls might be higher on some days of the week than others. They have added an attribute to the dataset specifying what day of the week it is. However, a text attribute can’t be used in a regression model. What should be done to allow the day of the week to be included in the regression model along with the other attributes? How would you do it? (You do not have to actually build the model.)

Even the most intelligent manager is prone to personal biases and pitfalls that can lead to bad decisions. We all carry biases based on our personal experiences. And we can all fall into various traps that lead to decisions that seem perfectly logical at the time but in retrospect, we see that we should have known better.In the background materials, including Bolland and Fletcher (2012); Kourdi (2003); and Hammond, Keeney, and Raiffa (2008); several specific decision-making biases and pitfalls are discussed. Collectively these are known as cognitivebiases. Some of the common pitfalls and biases discussed in these readings include overconfidence bias, confirmation (self-confirming) bias, sunk-cost bias, framing bias, and hindsight bias.Carefully review all three of these readings and make sure you understand the different types of biases. Then read through the scenarios below and think about what kind of biases are demonstrated in each scenario. For each scenario, carefully explain which specific bias or biases is demonstrated by the decision and what can be done to avoid this bias in the future. Make sure to pick at least one specific bias that you read about for each scenario, and explain your reasoning. Use references to at least one of the three required readings from the background materials in your discussion of each scenario below. Your paper should be 4–5 pages in length:The Chief Financial Officer (CFO) of a corporation is of the strong belief that marketing is not a good use of the company’s money. Someone shows her data from several years ago showing that during a period of high spending on marketing, sales did not go up. She says, “See, I told you marketing is not a good use of our budget!” and cuts the marketing budget to almost zero. Following the cut in the marketing budget, sales also start to drop dramatically. When asked by an employee if the drop in sales is due to the cut in the marketing budget, she says, “No!” and insists there must be a different explanation. What kind of decision-making bias do you think this represents, and why? What steps would you recommend to this CEO to reduce this kind of bias? Support your answer with references to at least one of the three background readings.A CEO decides that he wants to greatly expand the company’s market by purchasing a major rival. This acquisition would double the company’s market share. However, several of his top managers warn him that such a purchase would require the company to take out a huge amount of debt to finance this merger, and that many of these large mergers have failed. They also point out that the organizational culture of the other company is very different and that managing this merger would be very difficult. Nonetheless, the CEO insists that he can overcome the odds and plans to go through with the merger. What kind of decision-making bias do you think this represents, and why? What steps should this leader take to avoid this bias? Support your answer with references to at least one of the three background readings.A CEO wants to purchase a new factory. He is currently deciding between two factories. The owner of Factory A brags that 94% of products produced at the factory are free of defects. The owner of Factory B cautions that his factory has a 5% defect rate but management and staff are working very hard to reduce the rate. The CEO decides to purchase Factory A citing its strong 94% rate of success in producing defect-free products even though Factory B actually has a 95% rate of success. What kind of decision-making bias do you think this represents, and why? What steps should this leader take to avoid this bias?A CEO of an automobile company decides to introduce a new hybrid vehicle using cutting-edge technology. A huge amount of money is spent in research and development as well as advertising. But when the car is completed sales are very slow and the price has to be cut so low that the company is losing money on every hybrid vehicle sold. She is advised to simply abandon the car to avoid further losses in profits, and focus her energy on selling profitable vehicles. However, she insists it is unwise to abandon the hybrid vehicle given that so much money has already been put into the project. What kind of decision-making bias do you think this represents, and why? What steps should this leader take to avoid this bias? Support your answer with references to at least one of the three background readings.Conclude the paper with a discussion about which one of the decision-making biases you think is the most dangerous to a leader, and explain your reasoning.