Costing - Study Mode

[#416] An estimation of relationship between two or more independent variables and dependent variable is classified as
Correct Answer

(B) multiple regression

Explanation

Solution: An estimation of relationship between two or more independent variables and dependent variable is classified as multiple regression. Multiple regression is an extension of simple linear regression. It is used when we want to predict the value of a variable based on the value of two or more other variables.

[#417] Second step for estimation of cost function by using quantitative analysis is to
Correct Answer

(A) choose independent variable

Explanation

Solution: Second step for estimation of cost function by using quantitative analysis is to choose independent variable. An independent variable is the variable that is changed or controlled in a scientific experiment to test the effects on the dependent variable.

[#418] An estimation of relationship between one independent variable and dependent variable is known as
Correct Answer

(A) simple regression

Explanation

Solution: An estimation of relationship between one independent variable and dependent variable is known as simple regression. Simple linear regression is a statistical method that allows us to summarize and study relationships between two continuous (quantitative) variables.

[#419] Goodness of fit predicted values is also known as
Correct Answer

(A) coefficient of determination

Explanation

Solution: Goodness of fit predicted values is also known as coefficient of determination. The coefficient of determination (denoted by R2) is a key output of regression analysis. It is interpreted as the proportion of the variance in the dependent variable that is predictable from the independent variable.

[#420] Factor used to predict dependent variable is named as
Correct Answer

(A) independent variable

Explanation

Solution: Factor used to predict dependent variable is named as independent variable. An independent variable is the variable that is changed or controlled in a scientific experiment to test the effects on the dependent variable.