Applied Decision Methods Discussion 3
We start first with an algebraic linear expression to test our linear relationships between two variable the independent and the dependent where Y is dependent on X in this equation. Y = Bo + B1X + E (E representing the Error term)
Let’s assume that you create a simple Y = Bo + B1X + E model of Y is equal to grade and X is equal the time you study our course.
1. How would you go about setting up using this Linear Regression model applying both of the Y & X model. What represents the Y and what represents the X variables?
2. Would you suppose the Y = Bo + B1X + E equations to have a negative or positive slope in this example.
3. What would be the grade results if you decided to watch NETFLIX videos instead? What would that slope look like.
4. How would you go about getting the needed X and Y linear regression samples to create a study like the Grade vs. Time study example? What is one X, Y example you could imagine applying in your own life?
Without doing this assignment use what you are learning about
5. Dallas Cowboy Stadium Forecasting Question. I added a problem that is going to make you think and that is what Q 5 is to get you to do.
The Dallas Cowboys want to know how many more people they are expecting to come to their future games. Their building is alright maxed out but they need to know about the growth of ticket sales to decide whether to build a larger stadium.
What would be the Y independent variable and what would be the X in this example? Would the slope of the line be positive or negative. Also, once you create your line, in doing a forecast of your line, how would you go about using the slope of the line in Y = B0 + B1X +E as a forecasting tool in solving the owners problem?
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