1. An accountant for a large department store would like to develop a model to p
ID: 3351540 • Letter: 1
Question
1. An accountant for a large department store would like to develop a model to predict the amount of time it takes to process invoices. Data are collected from the 30 working days and the number of invoices processed and completion time (in hours) are used to obtain the following PHStat output. SUMMARY OUTP
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.945
R Square
0.892
Adjusted R Square
0.889
Standard Error
0.334
Observations
30
ANOVA
df
SS
MS
F
Significance F
Regression
1
25.944
25.944
232.220
4.3946E-15
Residual
28
3.128
0.112
Total
29
29.072
Coefficients
Standard Error
t Stat
P-value
Intercept
0.402
0.124
3.256
0.003
Invoices Processed
0.013
0.001
15.239
0.000
The value of the standard error of the estimated regression model is:
Select one:
a. 0.334
b. 0.124
c. 0.101
d. None of these
2. An accountant for a large department store would like to develop a model to predict the amount of time it takes to process invoices. Data are collected from the 30 working days and the number of invoices processed and completion time (in hours) are used to obtain the following PHStat output.
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.945
R Square
0.892
Adjusted R Square
0.889
Standard Error
0.334
Observations
30
ANOVA
df
SS
MS
F
Significance F
Regression
1
25.944
25.944
232.220
4.3946E-15
Residual
28
3.128
0.112
Total
29
29.072
Coefficients
Standard Error
t Stat
P-value
Intercept
0.402
0.124
3.256
0.003
Invoices Processed
0.013
0.001
15.239
0.000
A zero correlation coefficient between a pair of random variables means that there is no linear relationship between the random variables. True or False.
Select one:
True
False
.
UT
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.945
R Square
0.892
Adjusted R Square
0.889
Standard Error
0.334
Observations
30
ANOVA
df
SS
MS
F
Significance F
Regression
1
25.944
25.944
232.220
4.3946E-15
Residual
28
3.128
0.112
Total
29
29.072
Coefficients
Standard Error
t Stat
P-value
Intercept
0.402
0.124
3.256
0.003
Invoices Processed
0.013
0.001
15.239
0.000
Explanation / Answer
Please kindly note that we have given the value of the standard error in sumary output is 0.334
This is The value of the standard error of the estimated regression model.
So a ) 0.334 is correct option.
We know that correlation gives us the strength of relationship between two variables.
The range of r is (1 , -1 ), if r = 1 then we can say that there is perfect positive correlation between two variables, if r = -1 then we can say that there is perfect negative correlation and if r = 0 then there is no linear relationship between two variables.
A zero correlation coefficient between a pair of random variables means that there is no linear relationship between the random variables, so This is TRUE
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