7-2 Final Project Milestone Two (Statistical Tools and Data Analysis)

7-2 Final Project Milestone Two (Statistical Tools and Data Analysis)

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QSO-510 Professor: A Duhon 7-2 Final Project Milestone Two: Statistical Tools & Data Analysis Statistical Tools and Methods: A. The main statistical tools that will be used to perform my analysis is Analysis of Variance (ANOVA) and a regression analysis for future prediction. The assumptions that led to me selecting these tools to use for my data analysis is that the transformers required are in fact dependent on the sale of refrigerators (test of independence) and that a regression analysis will determine how much the sale of refrigerators affects the number of transformers required. It will also let us know via R-Squared, how much of the variance in transformers required can be explained by the variations in sales of refrigerators. This will aid in the prediction of transformers required in the future based on predicted sales of refrigerators. B. The data belongs to the category of time series because the sales figures are increasing over the years, therefore establishing a time trend. There is also a recognizable seasonal variation in the sales figure from 2006 to 2008. This category of data can be analyzed using time series methodologies. The next year’s data or projected data is dependent on the previous year’s data, so time series analysis is appropriate. C. The most appropriate tools that will be used to analyze the data is an Analysis of Variance (ANOVA) to test the independence or dependence of transformer requirements on the sales of refrigerators and a regression analysis to aid in the establishing of the relationship
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