A statistical method for finding the best-fitting cost equation to a set of data is the
A)scattergraph method.
B)high-low method.
C)visual fit method.
D)least-squares regression methoD.Least-squares regression is the only statistical technique among those listed.

Question

Quizplus · Accepted Answer

The least-squares regression method is a statistical technique that calculates the line of best fit through a set of data by minimizing the sum of the squared deviations between the observed values and the predicted values. This method provides an objective and accurate way to determine the cost equation that best fits the data. The other methods listed do not involve statistical analysis and are more subjective in nature.

A Statistical Method for Finding the Best-Fitting Cost Equation to a Set