Question
A scientific study on construction delays gives the following data table.
| Construction delay (hours) | Increased cost ($1000) |
| 51 | 104 |
| 55 | 103 |
| 58 | 89 |
| 61 | 56 |
| 63 | 52 |
Using technology, it was determined that the total sum of squares (SST) was 2542.8, the sum of squares regression (SSR) was 2194.8, and the sum of squares due to error (SSE) was 347.99. Calculate R2 and determine its meaning. Round your answer to four decimal places.
Select the correct answer below:
R2=0.8631
Therefore, 86.31% of the variation in the observed y-values can be explained by the estimated regression equation.
R2=1.1586
Therefore, 1.1586% of the variation in the observed y-values can be explained by the estimated regression equation.
R2=0.1369
Therefore, 13.69% of the variation in the observed y-values can be explained by the estimated regression equation.
R2=0.1586
Therefore, 15.86% of the variation in the observed y-values can be explained by the estimated regression equation.
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