I have an exponential regression equation that I use to predict the condition of roads.
The equation can be found on page 53 of the original master's thesis: Development of a Flexible Framework for Deterioration Modelling in Infrastructure Asset Management
From page 53:
The equation has some IF statements which deal with specific roads-related scenarios. For the purpose of this question, I'll boil it down to it's simplest form:
condition = 21 - EXP(0.072*age)
The equation was developed for my organization back in 2012. At that time, the roads had only been inspected once. Now, fast-forward to 2017, and we have a lot more data to work with.
So, I think it would be wise to update the equation. If we were able to redo the analysis with the new data, I suspect we'd be able to predict the future condition of roads more accurately.
However, as non-stats guy, I'm finding this to be rather difficult.
How can I update the coefficient in the exponential regression equation?