Exploratory analysis of the data, Basic Statistics

Assignment Help:

The Home Improvement Company (HIC) operates five stores in a large regional area. The company wished to study the relationship between x, house value ($'000) and Y, yearly expenditure on house maintenance ($ upkeep) as a basis for promoting the types of products it sells.

A random sample of the owners of 40 houses was taken. They were asked to estimate their maintenance expenditure on the types of products HIC sells. HIC then contacted real estate agents to value the houses. See the data file.

The task of modelling the relationship between Upkeep (Y) and Value (x) was assigned to an analyst within HIC. All the data had been validated and the analyst was instructed not to delete data for 'statistical convenience'.

Part (a)

You are to decide which of the three models below are most appropriate, where Y = estimated maintenance spend (upkeep) and x = house value

Y= β0 + β1x +ε

Log(Y) = β01x +ε

√y = β01x +ε

Your report for Part (a) should start with an exploratory analysis of the data, and then three sections, detailing the analyses of models (1), (2) and (3) and then a short recommendation.

You should analyse and report leverage points and outliers where appropriate using the template below but you cannot remove any data.


Related Discussions:- Exploratory analysis of the data

Profit and loss accounting, what does it mean by sales less of goods sold a...

what does it mean by sales less of goods sold and cost less of goods sold

What is a Business-type activity, What is a Business-type activity Reporte...

What is a Business-type activity Reported in the government-wide financial statements. Financed in whole or in part by fees charged to external parties for goods or services that

Force, The 70-m microwave transmission tower

The 70-m microwave transmission tower

The impact of the shift to ifrs, How do you think the banking sector is goi...

How do you think the banking sector is going to get impacted?   Manager 1: The impact of the shift to IFRS is going to be much higher in the banking sector. This impact woul

Explain correlation coefficients, 1. What type of correlation coefficient w...

1. What type of correlation coefficient would you use to examine the relationship between the following variables? Explain why you have selected the correlation coefficients. A.

Regression, y=c+1075x, when x was 2, and y was 239, given that y intercept ...

y=c+1075x, when x was 2, and y was 239, given that y intercept was 11. Calculate the residual

Journal entries on perpetual inventory system, I have to set up a chart for...

I have to set up a chart for a perpetual system. How Do I do this with credit card sales?

Data screening, Write a sample Results section, discussing your data screen...

Write a sample Results section, discussing your data screening activity.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd