Step 1 :Given that $y$ is directly proportional to $x^{2}$, we can write the equation as $y=kx^{2}$, where $k$ is the constant of proportionality.
Step 2 :Using the given values of $x=5$ and $y=112.5$, we can find the value of $k$. Substitute these values into the equation: $112.5=k(5)^{2}$
Step 3 :Solve for $k$: $k=\frac{112.5}{(5)^{2}}=\frac{112.5}{25}=4.5$
Step 4 :Now we have the constant of proportionality, $k=4.5$. We can use this to find the value of $y$ when $x=8$. Substitute these values into the equation: $y=4.5(8)^{2}$
Step 5 :Calculate the value of $y$: $y=4.5(64)=288.0$
Step 6 :\(\boxed{288.0}\) is the value of $y$ when $x=8$.