Electric Usage Narrative the Power Company Claims the Amount of Electricity Used by Electricity

question 100

Essay

Electric Usage Narrative
The power company claims the amount of electricity used by a house (y) depends on = square metres of heated space, = mean outside temperature, and = mean hours of sunlight per day. Partial statistical software output is given below.
Regression Analysis
The regression equation is = 357 + 0.808 - 16.6 + 40 S = 267.7 R-sq = 82.0% R-sq(adj) = 76.6%
Analysis of Variance
-Refer to Electric Usage Narrative. Obtain a point prediction of the electricity use for a home that has 300 m² of space, an outside temperature of 3°C, and 10.2 hours of sunlight.

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Definitions:

Standard Price

The pre-determined cost that is expected to be paid for a specific item or service under normal conditions.

Standard Labour Rate

The predetermined wage rate used for budgeting and variance analysis, representing the expected cost per hour of labor.

Standard Labour Hours

The predetermined amount of labor time that is expected to be necessary to produce one unit of a product or complete a process.

Material Price Variance

The difference between the actual cost of materials and the standard cost, multiplied by the quantities purchased.