Asked by Maggie Nicole on May 13, 2024
Verified
A visual line fit to points in a scatter diagram may be used to identify the approximate relation between past cost and unit data.
Scatter Diagram
A graph used in statistics to visually display and assess the possible relationship between two numerical variables.
Visual Line Fit
A method in statistical analysis where a line is visually fitted to a set of data points to assess a potential relationship.
- Acquire knowledge of the application and limitations of various strategies for analyzing cost behavior.
Verified Answer
IT
Ingrid TorresMay 15, 2024
Final Answer :
True
Explanation :
A visual line fit, also known as trendline, can be used to identify the approximate relation between data points in a scatter plot. It helps to show if there is a positive or negative linear correlation between two variables, which can help in predicting future trends.
Learning Objectives
- Acquire knowledge of the application and limitations of various strategies for analyzing cost behavior.
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