MATH 533 Week 7 Project Part C Regression and Correlation Analysis

MATH 533 Week 7 Project Part C Regression and Correlation Analysis

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MATH 533 Week 7 Project Part C Regression and Correlation Analysis

Using MINITAB perform the regression and correlation analysis for the data on CREDIT BALANCE (Y) and SIZE (X) by answering the following.

Generate a scatterplot for CREDIT BALANCE vs. SIZE, including the graph of the “best fit” line. Interpret. Determine the equation of the “best fit” line, which describes the relationship between CREDIT BALANCE and SIZE. Determine the coefficient of correlation. Interpret. Determine the coefficient of determination. Interpret. Test the utility of this regression model (use a two tail test with α =.05). Interpret your results, including the p-value. Based on your findings in 1-5, what is your opinion about using SIZE to predict CREDIT BALANCE? Explain. Compute the 95% confidence interval for . Interpret this interval. Using an interval, estimate the average credit balance for customers that have household size of 5. Interpret this interval. Using an interval, predict the credit balance for a customer that has a household size of 5. Interpret this interval. What can we say about the credit balance for a customer that has a household size of 10? Explain your answer.

In an attempt to improve the model, we attempt to do a multiple regression model predicting CREDIT BALANCE based on INCOME, SIZE and YEARS.

Using MINITAB run the multiple regression analysis using the variables INCOME, SIZE and YEARS to predict CREDIT BALANCE. State the equation for this multiple regression model. Perform the Global Test for Utility (F-Test). Explain your conclusion. Perform the t-test on each independent variable. Explain your conclusions and clearly state how you should proceed. In particular, which independent variables should we keep and which should be discarded. Is this multiple regression model better than the linear model that we generated in parts 1-10? Explain. All DeVry University policies are in effect, including the plagiarism policy. Project Part C report is due by the end of Week 7. Project Part C is worth 100 total points. See grading rubric below.

Summarize your results from 1-14 in a report that is three pages or less in length and explains and interprets the results in ways that are understandable to someone who does not know statistics.
Submission: The summary report + all of the work done in 1-14 (Minitab Output + interpretations) as an appendix.
Format:

Summary Report Points 1-14 addressed with appropriate output, graphs and interpretations. Be sure to number each point 1-14

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MATH 533 Week 7 Homework Problems (MyStatLab)

MATH 533 Week 7 Homework Problems (MyStatLab)

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MATH 533 Week 7 Homework Problems (MyStatLab)

MATH 533 Week 6 Project Part B Hypothesis Testing and Confidence Intervals

MATH 533 Week 6 Project Part B Hypothesis Testing and Confidence Intervals

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MATH 533 Week 6 Project Part B Hypothesis Testing and Confidence Intervals

Your manager has speculated the following:

the average (mean) annual income was less than $50,000, the true population proportion of customers who live in an urban area exceeds 40%, the average (mean) number of years lived in the current home is less than 13 years, the average (mean) credit balance for suburban customers is more than $4300. Using the sample data, perform the hypothesis test for each of the above situations in order to see if there is evidence to support your manager’s belief in each case a.-d. In each case use the Seven Elements of a Test of Hypothesis, in Section 6.2 of your text book with α = .05, and explain your conclusion in simple terms. Also be sure to compute the p-value and interpret. Follow this up with computing 95% confidence intervals for each of the variables described in a.-d., and again interpreting these intervals. Write a report to your manager about the results, distilling down the results in a way that would be understandable to someone who does not know statistics. Clear explanations and interpretations are critical. All DeVry University policies are in effect, including the plagiarism policy. Project Part B report is due by the end of Week 6. Project Part B is worth 100 total points. See grading rubric below.

Submission: The report from part 3 + all of the relevant work done in the hypothesis testing (including Minitab) in 1., and the confidence intervals (Minitab) in 2 as an appendix.

Format for report:

Summary Report (about 1 paragraph on each of the speculations a.-d.) Appendix with all of the steps in hypothesis testing (the format of the Seven Elements of a Test of Hypothesis, in Section 6.2 of your text book) for each speculation a.-d. as well as the confidence intervals, and including all Minitab output