Question: 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, and the number of invoices processed and completion time, in hours, is stored in the file invoice.xls.

A: Assuming a linear relationship, use the least-squares method to find the equation for the regression line.

B: Interpret the meaning of the Y-intercept and the slope in this problem.

C: Is it appropriate to use the prediction line developed in (a) to predict the amount of time it would take to process 350

invoices? If so, predict the amount of time it would take to process 350 invoices.

D: Is it appropriate to use the prediction line developed in (a) to predict the amount of time it would take to process 150

invoices? If so, predict the amount of time it would take to process 150 invoices.

E: Determine the coefficient of determination, r2, and interpret its meaning.

Price: $2.99

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