G H I J K L M N O F 1 Cost Behavior 2 Performing a regression analysis to predict overhead for a hospital laboratory I ! The manager of the main laboratory facility at Elmhurst Health Center is interested in being able to predict the overhead costs each month for the lab. The manager believes that total overhead varies with the number of lab tests performed but that some costs remain the same each month regardless of the number of lab tests performed. The manager of the main laboratory facility at Elmhurst Health Center collected the following seven months of 4 data. The number of tests performed and the total monthly overhead costs for the lab follow: August September October November December January February Number of Lab Tests Performed 3,350 3,700 3.650 3.450 4,200 2,500 3,800 Total Laboratory Overhead Costs $ 23,500 27,550 24,500 26,400 28,500 22,800 25,350 15 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the 16 Instruction tab you will be marked wrong 18 Requirements 1 Run a regression analysis using data for August through February. Determine the lab's cost equation (use the output from the reeression analysis vou performed using Excell. 20 a. Rename the regression output to name "REGRESSION". 21 2 Determine the R-square using the Excel output you obtain 22 3 Predict the lab's total overhead costs for the month if 3.500 tests are performed 23 . Reference values calculated in previous requirements as needed 25 Saving & Submitting Solution 25 1 Save file to desktop 27 a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS 28 2 Upload and submit your file to be graded Navigate back to the activity window screen where you downloaded the initial spreadsheet b. Click Choose button under step 3; locate the file you just saved and dick Open c ick Upload button under step 3 d. Click Submit button under step 4 INSTRUCTIONS Regression A B C D G H 1 1. Run a regression analysis using data for August through February. Determine the lab's cost 2 a. Rename the regression output tab name "REGRESSION". (Always use cell references and formulas where appropriate to receive full credit. If you 3 copy/paste from the Instruction tab you will be marked wrong.) 5 y 7 2. Determine the R-square using the Excel output you obtain. (Always use cell references and formulas where appropriate to receive full credit. If you 8 copy/paste from the Instruction tab you will be marked wrong.) 10 Rsquare= 12 3. Predict the lab's total overhead costs for the month if3,500 tests are performed. 13 a. Reference values calculated in previous requirements as needed. (Always use cell references and formulas where appropriate to receive full credit. If you 14 copy/paste from the Instruction tab you will be marked wrong.) 16 The total laboratory overhead at a volume of 3,500 lab tests is
