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The following output is for a second-order polynomial regression model where the independent variables are x and x2 (x^2 in output).Some of the output has been omitted. Considering the above information,both independent variables in the model are considered statistically significant at the alpha = 0.05 level.
Direct Labor-Hours
The total hours of work directly spent on producing a specific product or service.
Variable Overhead
Overhead costs that fluctuate with changes in production level or business activity, such as utilities for machinery.
Efficiency Variance
The difference between the standard cost of labor or materials for actual production and the actual cost incurred, reflecting how efficiently resources are utilized.
Direct Labor-Hours
The total hours worked directly on the production of goods or delivery of services.
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