You are a consultant who works for the Diligent Consulting Group. In this Case, you are engaged on a consulting basis by Loving Organic Foods.
You are a consultant who works for the Diligent Consulting Group. In this Case, you are engaged on a consulting basis by Loving Organic Foods. In order to get a better idea of what might have motivated customers’ buying habits you are asked to analyze the factors that impact organic food expenditures. You opt to do this using linear regression analysis.
Case Assignment
Using Excel, generate regression estimates for the following model:
Annual Amount Spent on Organic Food = α + bAge
After you have reviewed the results from the estimation, write a report to your boss that interprets the results that you obtained. Please include the following in your report:
The regression output you generated in Excel.
Your interpretation of the coefficient of determination (r-squared).
Your interpretation of the coefficient estimate for the Age variable.
Your interpretation of the statistical significance of the coefficient estimate for the Age variable.
The regression equation with estimates substituted into the equation. (Note: Once the estimates are substituted into the regression equation, it should take a form similar to this: y = 10 +2x)
A discussion of how this equation in item 5 above can be used to estimate annual expenditures on organic food.
An estimate of “Annual Amount Spent on Organic Food” for the average consumer. (Note: You will need to substitute the average age into the regression equation for x, the intercept for α, and solve for y.)
Data: Download the Excel-based data file: BUS520 Module 3 Case.
Assignment Expectations
Written Report
Length requirements: 3–4 pages minimum (not including Cover and Reference pages). NOTE: You must submit 3–4 pages of written discussion and analysis.
Provide a brief introduction to/background of the problem, similar to the introduction/background you provided in Module 1 and 2 Case submissions.
Provide a brief discussion of linear regression analysis, including the value of using this estimation technique.
Provide a written analysis that addresses each of requirements listed under the “Case Assignment” section.
Write clearly, simply, and logically. Use double-spaced, black Verdana or Times Roman font in 12 pt. type size.
Please use keywords as headings to organize the report.
Avoid redundancy and general statements such as “All organizations exist to make a profit.” Make every sentence count.
Paraphrase the facts using your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words.
Upload both your written report and Excel file to the Case 3 Dropbox.
BUS520 Business Analytics and Decision Making
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:
Create a scatterplot in Excel with “Annual Amount Spent on Organic Food” on the y (vertical) axis and “Age” on the x (horizontal) axis.
Insert a trendline.
What does the trendline indicate about the relationship between these two variables?
Calculate the correlation coefficient for these two variables using the =CORRELATION() formula in Excel.
Interpret the correlation coefficient.
Does the correlation coefficient agree with the slope of the best fit line? Explain.
Add the equation for the best fit line on the chart.
Does this equation match the linear regression equation from the Case for this module? Explain.
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