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Develop a simple linear regression model between billable hours and overhead costs.   Overhead Costs=enter your response here   +enter your response here   ×Billable Hours

Develop a simple linear regression model between billable hours and overhead costs.   Overhead Costs=enter your response here   +enter your response here   ×Billable Hours

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c.
 
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Click the icon to view the monthly data.
 
 
 

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Part 1
a. Develop a simple linear regression model between billable hours and overhead costs.
 
Overhead
Costs=enter your response here
 
+enter your response here
 
×Billable
Hours
​(Round the constant to one decimal place as needed. Round the coefficient to four decimal places as needed. Do not include the​ $ symbol in your​ answers.)
 
Overhead Costs    Billable Hours
385000    3000
430000    4000
460000    5000
511000    6000
580000    7000
600000    8000
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