In this file “Magic Foods Pattern Recognition Data (Student).xls” you will see these variables in the Data tab of the file: (I will attach excel file to this order)
No. of Shops (in hundred) No. of Dealers (in hundred) No. of Popular Brands Population (in thousands) Sales (in $millions).
You will also see two correlations between sales and population and sales and stores with interpretations that have already been done for you. Use the Excel file to generate correlations, R-squared values, and scatter diagrams
To generate correlations, use:
(Excel > Data Analysis > Correlation OR Excel > Formulas > More Functions > Statistical > CORREL).
To generate scatter diagrams, use:
Excel> Insert > Scatter (Diagrams).
Please calculate the remaining correlations and construct scatter diagrams for the remaining variables. In this exercise, our dependent variable (that we want to predict) is sales. The other variables are considered independent, or predictors.
You will also see two other tabs with scatter plots for Sales v Population and Sales v Stores that have been done for you as an example.
When we look at scatterplot, we should be able to describe the association we see between the variables. A quick description of the association in a scatterplot should always include a description of the form, direction, and strength of the association, along with the presence of any outliers.
Form: Is the association linear (more or less a straight line) or nonlinear?
Direction: Is the association positive or negative?
Strength: Does the association appear to be strong, moderately strong, or weak?
Outliers: Do there appear to be any data points that are unusually far away from the general pattern?
It’s also important to include the context of the two variables in the description of these features.
Follow the instructions in the Individual Case Study Instructions New.docx ( I will attach to this order)
In your report, make sure you explain each scatter diagram (Excel > Insert > Charts > Scatter), each correlation (Excel > Formulas > More Functions > Statistical > CORREL), and interpret your r values (correlation coefficients). Also in your report, make a recommendation as to which of the independent variables you would focus on to increase sales.
