The new cost analyst in your accounting department has just received a computer-generated report that contains the results of a simple regression program for cost estimation.The summary results of the report appear as follows:
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:
Two-way Factor ANOVA
A statistical analysis technique used to examine the impact of two independent variables on a dependent variable, and it also considers the interaction between the two independent variables.
Interaction Component
Part of an analysis that measures the effect of combining two or more factors, beyond their individual effects.
Main Effects
The direct influence of an independent variable on a dependent variable in an experimental design, ignoring the interactions with other independent variables.
Factorial Experiment
A factorial experiment is a type of experiment where two or more factors are varied simultaneously to observe their effect on the experimental outcome.
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