Workshop 11 Slides

# Workshop 11 Slides - 16 October 2015 BUSS1020 Quantitative...

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BUSS1020 Quantitative Business Analysis Workshop 11 Scott Liu 16 October 2015

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Aims § Use Excel and STATCRUNCH to produce scatter plots and be able to interpret these graphs. § Understand the concept of an explanatory (independent) variable and a response (dependent) variable. § Identify overall patterns showing the form (i.e. linear, quadratic, etc…), direction and strength of the relationship. § Calculate the correlation and interpret the answer in terms of strength and direction. § INTERPRET the following using the Excel output v Coefficients – interpret the estimates for the intercept and the slope coefficients. § Understand the relationships between coefficient, standard error, etc… in the Regression Table. § Interpret the following using the Excel and STATCRUNCH output v Coefficients – statistically and in practical terms v p-values v ࠵? " § Test whether an estimated coefficient is significant. § Use the p-values to make decisions on significance. § Explain the overall strength of fit of the model, using ࠵? " § Use residual plots to investigate the properties of the assumptions about the error term 2 Aims Lecture Recap Learning the Basics Applying the Techniques
Regression Analysis: Introduction Aims Lecture Recap Learning the Basics Applying the Techniques 3 Correlation vs. Regression § Correlation : measures the strength of linear relationship between two variables. § Regression is used to predict the value of a dependent variable based on the value of at least one independent variable . This will explain the impact of changes in an independent variable on the dependent variable. v Dependent variable : variable we wish to predict or explain v Independent variable : variable used to predict or explain the dependent variable.

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