________ Is a Statistical Technique That Simultaneously Develops a Mathematical

question 67

Multiple Choice

________ is a statistical technique that simultaneously develops a mathematical relationship between two or more independent variables and an interval-scaled dependent variable.

• A)Chi-square
• B)The least-squares procedure
• C)Multiple regression
• D)Bivariate regression

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Definitions:

Least Squares Regression

A statistical method used to determine a line of best fit by minimizing the sum of squares of the differences between observed and predicted values.

Cost Estimation

The process of predicting the amount of resources, especially financial, required to complete a project or product development within specified constraints.

Scatter Diagram

A graphical representation used to show the relationship between two variables, helping to identify potential correlations.

Relevant Range

The range of activity within which the assumptions made about cost behavior in cost-volume-profit analysis are valid.