Explain the Use of Regression Analysis in Establishing Standard Times

question 29

Essay

Explain the use of regression analysis in establishing standard times.

---

Definitions:

Moving Average

A statistical measure used to analyze data points by creating a series of averages of different subsets of the full data set.

Cost Of Goods Sold

Represents the direct costs attributable to the production of the goods sold in a company.

Total Inventory Cost

The complete cost associated with purchasing or producing inventory, including purchase price, conversion costs, and other costs.