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What is the impact of using a linear regression model

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Reference no: EM132327382

Assignment: Choose one of the following two prompts to respond to. Be sure to embed and cite your references for any supporting images.

Option 1: Think of a problem dealing with two possibly related variables (Y and X) that you may be interested in. Share your problem and discuss why a regression analysis could be appropriate for this problem.

Specifically, what statistical questions are you asking? Why would you want to predict the value of Y? What if you wanted to predict a value of Y that's beyond the highest value of X (for example if X is time and you want to forecast Y in the future)?

You should describe the data collection process that you are proposing but you do not need to collect any data.

Option 2: Give an example of a problem dealing with two possibly related variables (Y and X) for which a linear regression model would not be appropriate. For example, the relationship could be curved instead of linear, or there may be no significant correlation at all.

What is the impact of using a linear regression model in this case? What options, other than linear regression, can you see? You do not need to collect any data.

For your response to a classmate (two responses required, one in each option), examine your classmate's problem to assess the appropriateness and accuracy of using a linear regression model. Discuss the meaning of the standard error of the estimate and how it affects the predicted values of Y for that analysis.

Reference no: EM132327382

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