Review the following report of the results of a simple regression program for cost estimation.
r2 = 0.72
Required:
a. What is the cost estimation equation according to the report?
b. What is the goodness of fit? What does it tell about the estimating equation?
Definitions:
Intoxicated Persons
Intoxicated Persons are individuals whose mental and physical faculties are impaired due to the consumption of alcohol or drugs.
Fair Market Value
The price a willing buyer would pay a willing seller for property in an open and competitive market, where both parties have reasonable knowledge of the relevant facts.
Contract Validity
The legal enforceability of a contract, requiring it to meet certain established criteria like mutual consent, consideration, and legality of purpose.
Geographical Restriction
Limitations placed upon the area or region in which a business can operate or where products and services can be sold.
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