Note 43946E15 is 43946 x 1015 The manager of the purchasing

Note: 4.3946E-15 is 4.3946 x 10^-15

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. Above is the regression output:

A: Referring to Table above, the estimated mean amount of time it takes to record one additional loan application is           

0.4024 fewer hours OR 0.4024 more hours OR 0.0126 fewer hours OR 0.0126 more hours

B: Referring to Table above, the p-value of the measured F test statistic to test whether the number of loan applications recorded affects the amount of time is

(4.3946E-15)/2 OR 4.3946E-15 OR (0.0030)/2 OR 0.0030

Regression Statistics Multiple R R Square Adjusted R Square Standard Error Observations 0.9447 0.8924 0.8886 0.3342 30 ANOVA df MS Significance Regression Residual Total 1 25.9438 25.9438 232.2200 4.3946E-15 28 3.1282 0.1117 29 29.072 Coefficients Standardt Stat P-value Lower 95% Upper 95% Error 0.4024 0.1236 3.2559 Intercept Applications Recorded 0.0030 0.0126 0.0008 15.2388 4.3946E-15 0.1492 0.0109 0.6555 0.0143

Solution

A) same as slope coefficient = 0.0126 more hours (more because it is a positive number)

B) 4.396E-15 (readable from the table)