SCENARIO 13-12
The manager of the purchasing department of a large saving and loan organization would like to develop a model to predict the amount of time (measured in hours) it takes to record a loan application. Data are collected from a sample of 30 days, and the number of applications recorded and completion time in hours is recorded. Below is the regression output:

-Referring to Scenario 13-12,the error sum of squares (SSE)of the above regression is
A)0.1117
B)3.1282
C)25.9438
D)29.0720

Question

SCENARIO 13-12
The manager of the purchasing department of a large saving and loan organization would like to develop a model to predict the amount of time (measured in hours) it takes to record a loan application. Data are collected from a sample of 30 days, and the number of applications recorded and completion time in hours is recorded. Below is the regression output:

-Referring to Scenario 13-12,the error sum of squares (SSE)of the above regression is
A)0.1117 
B)3.1282 
C)25.9438 
D)29.0720

Quizplus · Accepted Answer

The error sum of squares (SSE) in regression analysis represents the sum of the squared differences between the observed values and the values predicted by the regression model. Without the specific details from Scenario 13-12, it's not possible to calculate or confirm the SSE directly. However, given the options, if B is identified as the correct answer, it implies that within the context of Scenario 13-12, the calculation or information provided must have indicated that 3.1282 is the sum of the squared differences between the observed and predicted values.

SCENARIO 13-12 The Manager of the Purchasing Department of a Large Saving