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Business Statistics MGT310 Residual Analysis in Regression An important application of regression analysis in accounting is in the estimation of cost. By collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing operation. Consider the following sample of production volumes and total cost data for a manufacturing operation. OBS. #: PRODUCTION VOL. TOTAL COST ($) FITS RESIDUALS 400 4000 450 5000 550 5400 600 5900 700 6400 750 7000 The estimated REGRESSION EQUATION that was developed through the least squares method: TOTAL COST = 1247 + 7.6X THE REGRESSION PLOT IS SHOWN BELOW: Fitted Line Plot TOTAL COST . 1247 . 7 600 PRODUCTION VOLLANE PRODUCTION VOLLOM QUESTIONS: 1. Which observations were overestimated by the regression model? 2. Which observations were underestimated by the regression model? 3. Which observation yielded the most error (least accurate prediction) given the regression model? 4. Which observation yielded the least error (most accurate prediction) given the regression model