Bus520- Business analytics and decision making (excel data analysis)

Description

MODULE 2 (note: Module 1 is completed and attached as a reference) 3 excel templates are all attached to be completed Module 2 – SLP CONFIDENCE INTERVALS AND HYPOTHESIS TESTING Assume once again that you are a consultant who works for the Diligent Consulting Group. You are continuing to work on the analysis of the customer database from Module 1. SLP Assignment Expectations Complete the following tasks in the Module 2 SLP assignment template: 1. Generate a 95% confidence interval for the following two variables by hand: “Annual Amount Spent on Organic Food” and “Age.” 2. Generate a 95% confidence interval for the following two variables using the Excel formula =CONFIDENCE.T(): Annual Income and Number of People in the Household. 3. Interpret the confidence intervals for each of the variables. 4. The client insists the average income of his organic food customers is $150,000. Conduct a hypothesis test at the 0.10 level to test his statement. What is your decision? MODULE 3 Module 3 – SLP SIMPLE LINEAR REGRESSION Assume once again that you are a consultant who works for the Diligent Consulting Group. You are continuing to work on the analysis of the customer database from Modules 1 and 2. SLP Assignment Expectations Complete the following tasks in the Module 3 SLP assignment template: 1. Create a scatterplot in Excel with “Annual Amount Spent on Organic Food” on the y (vertical) axis and “Age” on the x (horizontal) axis. 2. Insert a trendline. 3. What does the trendline indicate about the relationship between these two variables? 4. Calculate the correlation coefficient for these two variables using the =CORRELATION() formula in Excel. 5. Interpret the correlation coefficient. 6. Does the correlation coefficient agree with the slope of the best fit line? Explain. 7. Add the equation for the best fit line on the chart. 8. Does this equation match the linear regression equation from the Case for this module? Explain. MODULE 4 Module 4 – SLP MULTIVARIATE ESTIMATION AND MODEL FIT Assume once again that you are a consultant who works for the Diligent Consulting Group. You are continuing to work on the analysis of the customer database from Modules 1 through 3. SLP Assignment Expectations Complete the following tasks in the Module 4 SLP assignment template: 1. Compare the coefficients of determination (r-squared values) from the three linear regressions: simple linear regression from Module 3 Case, multivariate regression from Module 4 Case, and the second multivariate regression with the logged values from Module 4 Case. Which model had the “best fit”? 2. Calculate the residual for the first observation from the simple linear regression model. Recall, the Residual = Observed value – Predicted value or e = y – ŷ. 3. What happens to the overall distance between the best fit line and the coordinates in the scatterplot when the residuals shrink? 4. What happens to the coefficient of determination when the residuals shrink? 5. Consider the r-squared from the linear regression model and the r-squared from the first multivariate regression model. Why did the coefficient of determination change when more variables were added to the model?

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