The manager of the purchasing department of a large banking organization would like to develop a model to predict the amount of time it takes to process invoices. Data are collected from a sample of 30 days with the following results:Relating time to invoices processed. Day Invoices Processed Completion Time (hours) Day Invoices Processed Completion Time (hours) 1 149 2.1 16 169 2.5 2 60 1.8 17 190 2.9 3 188 2.3 18 233 3.4 4 19 0.3 19 289 4.1 5 201 2.7 20 45 1.2 6 58 1.0 21 193 2.5 7 77 1.7 22 70 1.8 8 222 3.1 23 241 3.8 9 181 2.8 24 103 1.5 10 30 1.0 25 163 2.8 11 110 1.5 26 120 2.5 12 83 1.2 27 201 3.3 13 60 0.8 28 135 2.0 14 25 0.4 29 80 1.7 15 173 2.0 30 29 0.5 Hint: Determine which are the independent and dependent variables. Set up a scatter diagram. Assuming a linear relationship, use the least-squares method to find the regression coefficients b 0 and b 1. Interpret the meaning of the Y intercept b 0 and the slope b 1 in this problem. Use the regression model developed in the (b) to predict the average amount of time it would take to process 150 invoices. Compute the standard error of the estimate. Compute the coefficient of determination r 2 and interpret its meaning. Compute the coefficient of correlation r.

The manager of the purchasing department of a large banking organization would like to develop a model to predict the amount of time it takes to process invoices. Data are collected from a sample of...

The manager of the purchasing department of a large banking organization would like to develop a model to predict the amount of time it takes to process invoices. Data are collected from a sample of 30 days with the following results:

Relating time to invoices processed.

Hint: Determine which are the independent and dependent variables.

Use the regression model developed in the (b) to predict the average amount of time it would take to process 150 invoices.

Jun 04, 2022