The "line of best fit" created in the regression method to generate a straight-line equation
A) is used to estimate future costs.
B) determines variability in estimated and actual costs for a given period.
C) helps to analyze the cause-and-effect relationship of actual costs.
D) allows the estimate of costs to be exactly the same as those costs actually incurred.

Question

Quizplus · Accepted Answer

The line of best fit in regression analysis is primarily used to estimate future costs by providing a predictive model based on historical data.

The "Line of Best Fit" Created in the Regression Method