Business, 20.02.2020 00:22, kkwolfcityouwc96
The manager of the main laboratory facility at Elmhurst HealthElmhurst Health Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed but that some costs remain the same each month regardless of the number of lab tests performed. The lab manager collected the following data for the first seven months of the year.
Requirements
1.
Determine the lab's cost equation (use the output from the Excel regression).
2.
Determine the R-square (use the output from the Excelregression).
3.
Predict the total laboratory overhead for the month if 3,100 tests are performed
Data Table
Number of Lab Tests
Total Laboratory
Month
Performed
Overhead Costs
January. . . . . . . . .
3,000
$21,900
February. . . . . . . .
2,850
$20,600
March. . . . . . . . . . .
3,400
$28,900
April. . . . . . . . . . . .
3,700
$31,000
May. . . . . . . . . . . .
3,900
$28,000
June. . . . . . . . . . . .
1,900
$20,200
July. . . . . . . . . . . .
2,050
$14,000
The laboratory manager performed a regression analysis to predict total laboratory overhead costs. The output generated by Excel is as follows:
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.878214
R Square
0.77126
Adjusted R Square
0.725512
Standard Error
3156.338706
Observations
7
ANOVA
df
SS
MS
F
Significance F
Regression
1
167956201.3
167956201.3
16.858885
0.009301
Residual
5
49812370.15
9962474.03
Total
6
217768571.4
Standard
Lower
Upper
Coefficients
Error
t Stat
P-value
95%
95%
Intercept
3187.94
5092.169
0.626
0.559
-9901.898
16277.778
X Variable 1
6.84
1.666
4.106
0.009
2.558
11.123
Answers: 1
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