The Regression Output Produced by MINITAB for Times Series Set $\mathrm { C } 1 = 33.6 + 0.709 \mathrm { C } 2$

question 77

Essay

The regression output produced by MINITAB for times series set of data is shown below: The regression equation is $\mathrm { C } 1 = 33.6 + 0.709 \mathrm { C } 2$


$$s = 3.283 \quad R - s q = 53.1 \% \quad R - s q ( a d j ) = 49.7 \%$$
Analysis of Variance
$\begin{array} { l l c r c r r r } \text { SOURCE } & \text { DF } & & \text { SS } & \text { MS } & \text { F } & p & \\ \text { Regression } & & 1 & & 170.83 & 170.83 & 15.85 & 0.001 \\ \text { Error } & 14 & & 150.92 & 10.78 & & & \\ \text { Total } & 15 & & 321.75 & & & & \end{array}$
Durbin-Watson statistic $= 1.94$ Test for positive autocorrelation using a 0.05 significance level.
Test statistic = ____________________
Critical Value = ____________________
Conclusion: ____________________
Interpretation: __________________________________________________

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Definitions:

Direct Materials Inventory

Raw materials that are directly traceable to the manufacturing of products and are considered part of the inventory assets on the balance sheet.

Direct Materials Budget

A financial plan that estimates the raw materials needed for production and their expected costs.

Cost per Pound

A measurement of the cost to produce, acquire, or create one pound of a product or material.

Manufacturing Overhead Budget

A financial plan that estimates the costs related to the production process other than direct labor and materials.