The data below have been taken from the cost records of the Halifax General Hospital. The data relate to the costs of admitting patients at various levels of patient activity: Month Number of Patients Admitting Admitted Department Costs May..................................................................... 3,600 $ 29,400 June .................................................................... 3,800 $ 28,700 July ...................................................................... 2,900 $ 27,400 August ................................................................ 3,200 $ 28,000 September .......................................................... 3,300 $ 28,600 October............................................................... 2,600 $ 26,200 November........................................................... 2,200 $ 25,600 December ........................................................... 3,500 $ 29,300 3. Prepare a scattergraph plot using the data. Plot cost on the vertical axis and activity on the horizontal axis. Add the visual best-fit “trendline” to fit a line through the points on your scattergraph. Also add the “high-low trendline” so that you can compare the two trendlines and the data set points in Requirement 4. (Hint: You can either use software, such as Microsoft Excel, or Google Sheets) 4. Scrutinize the points on your scattergraph, and explain why the high-low method would or would not yield an accurate cost formula in this situation.
The data below have been taken from the cost records of the Halifax General Hospital. The data relate to the costs of admitting patients at various levels of patient activity:
Month Number of Patients Admitting
Admitted Department Costs
May..................................................................... 3,600 $ 29,400
June .................................................................... 3,800 $ 28,700
July ...................................................................... 2,900 $ 27,400
August ................................................................ 3,200 $ 28,000
September .......................................................... 3,300 $ 28,600
October............................................................... 2,600 $ 26,200
November........................................................... 2,200 $ 25,600
December ........................................................... 3,500 $ 29,300
horizontal axis. Add the visual best-fit “trendline” to fit a line through the points on your
scattergraph. Also add the “high-low trendline” so that you can compare the two trendlines and the data set points in Requirement 4. (Hint: You can either use software, such as Microsoft Excel, or Google Sheets)
4. Scrutinize the points on your scattergraph, and explain why the high-low method would or would not yield an accurate cost formula in this situation.
Step by step
Solved in 3 steps with 2 images
