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Can someone please help with regression and overhead cost? Please see attached for the questions. Thanks! Hospital Nursing Number of Overhead Cost Month Overhead Costs
Can someone please help with regression and overhead cost? Please see attached for the questions. Thanks!
Hospital Nursing Number of Overhead Cost Month Overhead Costs Hours Patient Days Overhead Cost per Nursing Hour per Patient Day July . . . . . . . . $485,000 25,000 3,800 $19.40 $127.63 August . . . . . . $540,000 26,700 4,360 $20.22 $123.85 September . . $420,000 20,000 4,210 $21.00 $99.76 October . . . . . $462,000 21,900 3,450 $21.10 $133.91 November . . . $579,000 32,000 5,600 $18.09 $103.39 December . . . $455,000 20,400 3,270 $22.30 $139.14 Regression Statistics Multiple R 0.967848 R Square 0.93673 Adjusted R Square 0.920913 Standard Error 16,568.3268 Observations Anova 6 df SS MS Significance F F Regressio n 1 16,256,795,521 16,256,795,521 59.221259 0.001534 Residual 4 1,098,037,812 274,509,453 Total 5 17,354,833,333 Intercept X Variable 1 Coefficients Standard Error t Stat Pvalue Lower 95% Upper 95% 187,378.98 39,923.061 4.694 0.009 76,534.789 298,223.164 12.44 1.617 7.696 0.002 7.954 16.933 If 25,500 nursing hours are predicted for the month, what is the total predicted hospital overhead? If 3,640 patient days are predicted for the month, what is the total predicted hospital overhead? Which regression analysis (using nursing hours or using number of patient days as the cost driver) produces the best cost equation? Explain yourStep by Step Solution
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