Hook Company has accumulated data to use in preparing its annual profit plan for the upcoming year. The cost behavior pattern of the maintenance costs must be determined. Data regarding the machine hours and maintenance costs for the last year and the results of the regression analysis are as follows:

Month	Maintenance Cost	Machine Hours
January	$ 5,040	620
February	3,600	420
March	4,320	520
April	3,380	390
May	5,220	650
June	3,550	400
July	3,640	430
August	5,360	680
September	5,110	640
October	4,860	610
November	3,960	460
December	3,790	440
Sum	$ 51,830	6,260
Average	$ 4,319	522

A staff assistant has run regression analyses on the data and obtained the following output using Excel:

REGRESSION ANALYSIS

Y(Dependent) Variable: Maintenance Cost

X (Independent) Variable: Maintenance Hours

Regression Statistics
Multiple R	0.998210294
R Square	0.996423791
Adjusted R Square	0.99606617
Standard Error	47.0629563
Observations	12

ANOVA
	df	SS	MS	F	Significance F
Regression	1	6171342.448	6171342	2786.257	1.44166E-13
Residual	10	22149.21856	2214.922
Total	11	6193491.667

	Coefficients	Standard Error	t Static	P-value	Lower 95%	Upper 95%
Intercept	783.7782188	68.34114772	11.46861	4.47E-07	631.504653	936.051785
Hours	6.777102456	0.12839066	52.78501	1.44E-13	6.491030239	7.06317467

The p-value is a measure of:

Multiple Choice

The precision of the regression.

The reliability of the independent variable.

The accuracy of the regression predictions.

The linearity in the data.

None of these answers are correct.