Figure 3-12.The method of least squares was used to develop a cost equation to predict the cost of monthly equipment maintenance. The following computer output was received:
The driver used was the number of machine hours.
-Refer to Figure 3-12. What is the independent variable of the cost formula for equipment maintenance?
Definitions:
Statistical Measure
A quantitative value representing a summary or characteristic of a set of data, such as mean, median, or standard deviation.
Significance Test
A statistical test used to determine if the results of an experiment are likely to be due to chance or if they are significant in terms of supporting a hypothesis.
Longitudinal Study
A research design that involves repeated observations of the same variables over short or long periods of time.
Marital Satisfaction
The degree of contentment and fulfillment individuals feel within their marriage or partnership.
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