Essays on Regression Equation

Introduction

Planning is an important aspect of managing any business. Planning sometimes involves prediction of the future conditions. Forecasting sales is significant in profit planning among other strategic decisions. Several methods are used in forecasting sales. A business should apply the method that most accurately estimates the future sales. Excellent Consulting Group wants to identify the best method to forecast its sales for year two. A forecast has already been made using the regression analysis method. The technique involved developing an equation which gives the monthly sales figure as a function of the number of customers in each month. The ...

Abstract

Using the regression equation and given values of independent variables, we estimated the elasticity of each of them and ascertained that the product is highly elastic to price levels and therefore, the firm can consider to decrease the price levels in order to increase their market share. At the same time, cross elasticity and income elasticity were also significant in relation to the demand of the product, although advertisement expenditure has negligible impact on the product’s demand. Hence, own price, price of related goods and income of consumer are three major factors which the firm should incorporate while ...

Abstract

This paper explores how research methodologies can be used to resolve organizational issues. Using Starbucks as the company of focus, this paper discusses the qualities of qualitative and quantitative research and how they can be used for investigation and analysis in an organizational setting. It is hypothesized, for instance, that the decline in Starbucks’ sales as well as the poor performance of some of its stores is due to poor customer service. The concept of customer service, however, is too abstract to measure directly. However, this hypothesis can be determined using qualitative research methods as opposed to the quantitative ...

Abstract

Linear Regression (LR) forecasts the value of a random variable (dependent variable) for a given value of an associated independent variable. The regression equation provides the formula for such a calculation. Simple Exponential Smoothing (SES) forecasts the bases its forecasts on a weighted average of past data, with more weight on the more recent periods. A smoothing factor helps in providing weight. It generally forecasts for the short-term. In the present case, we forecast the sales data for year-2 for ABC Furniture Company using both the methods. For SES, we use two smoothing factors α equal to 0.15 and 0.90 ...

Questions for Exams

Question 33: Describe the economical content of the cumulative frequency if you analyze the series The economical content of cumulative frequencies if examined in series gives the total sum of all the frequencies displayed in a table for data analysis of samples. Moreover, when the series are accurate, one can tell the sequence of the data as it appears in the worksheet and derives conclusions from the primary variables.

Question 38: Explain the economical and statistical content of the components of following regression equation.

Y intercept is the value of the depreciative variance explained using the alpha constant. Moreover, Y is considered as the value of two or more independent variables for observation. The € ...

Abstract

Regression analysis estimates the value of a random variable (dependent variable) for a given value of an associated independent variable. The regression equation provides the formula for such a calculation. In the present case, which is about the analysis of the dependence of total monthly sales on the monthly customer traffic, the consultant first examines to see if there is a correlation between the two variables. To achieve this, the consultant uses the scatterplot, plotting the points on a graph. After analyzing the scatterplot, the consultant is convinced that there exists a strong positive linear correlation between the two ...

Introduction

This term paper is completed to show the understanding of the statistics and to demonstrate the application of probability theory to a real world problem. The aim of this research project is to pick a data set that most closely ties my chosen field and perform statistical procedures such as descriptive statistics and statistical inference using the selected data. Since my field lies in the area of sales, real estate and business administration, I selected the Goodyear Arizona Real Estate Sales Data. The main research question I will investigate in this paper is: what are the factors that have ...

About the paper

The paper is commissioned to delineate the linear and log-linear multiple regression model where the dependent variable, earnings per hour, will be regressed against two independent variables, education and experience. As part of this analysis, we will cite multiple journal articles, books and other related sources to learn more about the regression analysis and how the statisticians perform the data analysis these days. Both the regression models, i.e. linear and log-linear multiple regression will be performed in excel and the output will be attached in the appendix section of the paper. In addition, we will also test the significance ...

Summary Paper of Research Paper

Analysis to Study Housing Values in Boston Introduction The analysis of company activities, as well as the enactment of its plans, applies the concept of linear regression as the technique of analysis. Boston is a place in England that covers both the Boston Municipality, as well as the metropolitan region (Bluestone et al. 41). The area is famous as Combined Statistical Area, consisting of the Manchester Municipality, the Cape Cod in Massachusetts, the Worcester, the Providence, as well as the South Coast Region. The metropolitan statistical area entails the part of Massachusetts, the south coast region, and the Cape ...

Discussion

The concept of the correlation coefficient is crystal clear to me. I have understood that the value of correlation coefficient ranges from -1 to 1. The relationship between the variables increases as the value moves away from zero. However, the movement in the negative direction indicates an increase in negative relationship and movement in the positive direction indicates increased positive relationship between the variables. In a case of negative correlation, an increase in the independent variable leads to decrease in the dependent variable. On the other hand, in positive correlation, an increase in independent variable leads to increase independent ...

2.7 Conceptual Framework Figure 1: Conceptual Framework (Source: Author) It is clearly evident from the above figure that a possible relationship exists between the confidence of decision makers and the consistency of their judgment. And Confidence and Consistency are both independently affecting Quality. 2.8 Research Hypothesis Based on the analysis of the literature that has been conducted above, there is a positive relationship between confidence and consistency. It seems like more confidence leads to more consistency. Therefore, the first hypothesis will be defined as followed.

However, relationship between confidence and consistency has implications for the quality of decision making. ...

In this paper, the importance and the application of probability and statistics tools to a real world problem will be considered. My goal is to investigate if the hours that students studied and the grade they earned on a test are related factors. The sample provided contains the data of 30 students. Their hours of study and exam scores are recorded and given in the spreadsheet. In order to determine the strength of the association, I will use Pearson’s correlation coefficient. The correlation reflects the statistical association between random variables. If the variables are related, a change in ...

Chapter 1

Introduction

XX century was characterized with the significant technological progress, which has improved the life of people. Numerous products and services became available, labor and domestic life became easier and more comfortable. However, waste problem is the other side of the technological progress. The solid, liquid and gas waste are formed, and thus land, natural water and air quality degrade. Therefore, in XXI century the research efforts are dedicated to development of methods for sustainable use of water, gas, and solid resources. Wastewater polluted with dye residuals originate from textile, leather and food industry. These industries produce goods that ...

Final Case Study Project

Introduction In this paper, we will describe and discuss the application of statistics and probability theory to a real-world problem. Our task is to study the impacts of a variety of factors influencing house prices in Prescott, Arizona. As it was mentioned in the previous studies, there are five lakes in the Prescott metropolitan area that provide a number of benefits to those who live or spent their holidays in this area. These benefits include scenic beauty, recreational opportunity, clear water, fresh air and so on and so forth. It is assumed that the property prices should depend on ...

Research Question

The questions about health cannot be answered basing on knowledge and experience only. In other words, physiology, biochemistry and clinical experience are not enough to make conclusions about the factors that cause changes in human body. However, the medical science requires answers to numerous credible questions. The answers are obtained through statistical analysis of the vast datasets with patients’ social and medical characteristics. The larger the dataset, the more reliable are the conclusions. The dataset used for the study is based on 17 variables with 5209 observations. Therefore, the sample data can be approximated to the population data. The ...

[Customer's name] [Institutional affiliations]Introduction In the modern society, statistics has become one of the most important national economic management tools. The notion of any management decision requires a preliminary analysis of the current situation, based on a miscalculation of options, comparison of options, assessing the accuracy of the forecasts, the likelihood of errors. Methodological framework for addressing these issues is statistics. Its main task is the calculation and analysis of statistics, allowing the governing bodies receive comprehensive description of the object, whether it is the whole national economy or its individual sectors, enterprises and their divisions. Trends basically ...

Abstract

Regression analysis is the statistical technique commonly used in econometric modeling and carrying out economic forecasts. This study sought to assess the precision multiple linear regression in evaluating the evolution in real GDP per capita in the USA between 1998 and 2011 using expenditure approach. Three macroeconomic variables were used; Gross domestic product, net investment and final consumption. Net investment and final consumption are model regressors predicting GDP. The researcher used MS Excel to carry out all the statistical analysis on the data. The analysis result shows weak linear development GDP increment. Small fluctuations were observed around the fitted ...

Introduction

In this paper, we will discuss and describe the application of statistics and probability theory to a real world problem. Our goal is to provide clear and meaningful statistical exploration of the National Football League data for the 2005 season. Starting from the primary issue of this case, we will provide descriptive statistics to explain the given data set. After this, the multiple linear regression will be developed to get the best prediction of the percentage of games won, based on the given variables (factors).

Data

We are given with the data set of 32 observations. Each observation reflects a ...

Introduction

Health insurance coverage is a sensitive issue in the USA. A case in point is the recently enacted Obamacare in the USA. The law intended to widen coverage of health insurance to all American citizens including the vulnerable groups that are often disadvantaged in market-driven health insurance schemes. The reason that is always given for government provision of health insurance and health services is that the very poor cannot afford to pay market premiums for health insurance since they can barely meet their basic needs. Therefore, there is a need to subsidize health insurances and costs to those groups. ...