TABLE 12-12
The manager of the purchasing department of a large savings and loan organization would like to develop a model to predict the amount of time (measured in hours) it takes to record a loan application. Data are collected from a sample of 30 days, and the number of applications recorded and completion time in hours is recorded. Below is the regression output:
Note: 4.3946E-15 is 4.3946 x 10-15.
-Referring to Table 12-12, what percentage of the variation in the amount of time needed can be explained by the variation in the number of invoices processed?
Definitions:
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