You are developing a standard data system for the element "strike arc and weld" which varies depending on the size of the weld. After conducting 10 studies for sizes between 1/8in to lin, you have the data in the table as observed times. You used advanced statistics to develop a prediction equation, given below the table. Show all of your work for full credit. Answers only will receive a maximum of 1 point. Study Number Size of Weld (in) Observed time (min/in) 1 1/8 0.12 2 3/16 0.13 3 1/4 0.15 4 3/8 0.24 5 1/2 0.37 6 5/8 0.59 7 11/16 0.80 8 3/4 0.93 9 7/8 1.14 10 1 1.52 Prediction equation for observed time: y = 0.0624 + 1.45x2 Where y is observed time and x is the size of the weld 1. (3 points) The r value for the prediction equation is 0.993. Is this equation a good fit for the data, and why? 2. In addition to the actual welding, you also know that it takes an additional 5 minutes to setup for the welding operation. If the performance rating of your observed operators was 97%, and the company's PFD is set to 22%, find the following times: a. (5 points) Normal time to complete one weld of size 5/8in