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MULTIPLE REGRESSION
The least square regression equation discussed above was based on the assumption that total cost was determined by only one activity based variable. However, other variables are likely to affect labour costs such as labour hours, material costs, machine hours, etc. These may have an effect on labour costs.
The equation for the simple regression can be expanded to include more than one independent variable as shown below:
Y = a + b1X1 + b2 X2 + b3 X3 +………+bn Xn
For two independent variables, the function will be of the form:
Y = a + b1X1 + b2 X2
The normal equations can be given by:∑y = na + b1 ∑X1 + b2∑x2∑X1Y = a∑x1 + b1∑X12 + b2 ∑X1 ∑X2∑X2 Y = a∑x2 + b1∑ X 1∑X2 +b2 ∑X2 Normally computers are used for the solution of multiple regression.
Analysis Various business decisions have recurrent themes: whether to the outsource production or to the support functions, what level of production and pricing to establish, w
Right now you are 20 years old and you have decided that you want to have $2,000,000 in the bank when you turn 65 years old. How much must you deposit each year to reach your goal
The least-cost method The process is described as follows: Assign as much as possible to the variable with the least unit cost in the whole tableau. (Ties are broken randomly).
Disadvantages of participatory budgets They consume more time and therefore are more expensive The advantage of management participation may be negated by failure t
Explains how activity –based techniques can be used to improve performance
Explain the categories of The activity cost drivers The activity cost drivers can broadly be classified into following three categories: 1) Transaction drivers: for exampl
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Cost oriental pricing policy Cost of production of a product is the most important variable and most important determinant of its price. There may type of costs such as-fixe
Model Construction The success of a simulation exercise is related to the predictive quality of the underlying model, so that considerable care should be taken with model const
Standard error of estimate (Se) The coefficient of determination r 2 gives us an indication of the reliability of the estimate of total cost based on the regression equation b
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