Statistics Model Building

Description

The analysis section should include the following sections:

1- Model Building: Explain your model in terms of the “cause and effect” i.e. clarify the dependent and the independent variables in your model. State and explain your hypothesis (theory) about a possible relationship between your dependent and the independent variables i.e. the type and the direction of the relationship between these variables should be explained. Example “there is a significant direct (or indirect) linear relationship between Var1 and Var2”. If you wanted to develop a multi-variable model, what other factors you would have included in your model. Explain the determination of the independent and the dependent variable in your model.

2- Visualization Step: Develop a scatter diagram and conclude if there appears to be a linear or a non-linear relationship between your variables.

3- Estimation Step: Estimate the regression line. Calculate and INTERPRET the estimated slope Calculate and INTERPRET the estimated intercept.

4- Goodness of Fit: Calculate the coefficient of determination and comment on the goodness of fit. Interpret your finding.

5- Strength of linear relationship: Calculate and INTERPRET the estimated correlation coefficient. Comment on the measure of strength of the linear relationship.

6- Test of the Strength: Test the significance of the strength of linear relationship between the two variables at 1% and then at 10% level of significance. Interpret your finding. Comment on the p-value.

7- Test of the Significance: Test the significance of the linear relationship between the two variables at 5%and then at 10% level of significance. Interpret your finding. Comment on the P-value.

8- Prediction Step: Use the estimated regression equation and forecast the value of Y based on a given value of X.

9- If you wanted to develop a multi-variable model, what other factors you would have included in your model

10- Develop a multivariate model of at least 2 independent variables. Compare to your earlier model, do you get more explanatory power? Comment on the coefficients and check the significance of the model as well as each independent variable.

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