A company has observed that there is a linear relationship between indirect labor expense (ILE) , in dollars, and direct labor hours (DLH). Data for direct labor hours and indirect labor expense for 18 months are given in the file ILE_and_DLH.xlsx
Treating ILE as the response variable, use regression to fit a straight line to all 18 data points.
Approximately what percentage of the variation in indirect labor expenses is explained by the regression model you derived?