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smb.auct.rpt.blank.12.31.03

# smb.auct.rpt.blank.12.31.03 - AUCTION PROBLEM-EXECUTIVE...

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AUCTION PROBLEM-EXECUTIVE SUMMARY (12.31.03-p.1) Problem : Data for 32 antique clock sales has been obtained. We are trying to predict the price (P) of a clock given the age (A) of the clock and the number of bidders (B). In addition, we have been asked to give a predicted price for a 175 year clock when there are 12 bidders, and a 90% confidence interval for this prediction. Variable Mean Std.Dev. Min Max Shape of Distribution Price ____ ______ ____ _____ _________________ Age of clock ____ ______ ____ _____ _________________ # of bidders ____ ______ ____ _____ _________________ Order* ____ ______ ____ _____ _________________ Recommended Model: P ˆ =_________ + ________*A + _________*B + ___________*A*B Price(P) in units of \$; Age of clock (A) in years, # of bidders (B).) s P.A,B,A*B =\$__________ , R 2 =__________; Using this reduced second order model, for a 175 year old antique clock with 12 bidders, we would predict a Price of \$______________ with 90% confidence interval for this prediction given by the interval (\$__________,____________) [*Order-no relationship found in scatterplots or correlation matrix between Order and the dep. or indep. variables] ----------------------------------------------------------------------------------------------------------------- ANALYSIS (written before Executive Summary) Problem : Data for 32 antique clock sales has been obtained. We are trying to predict the price (P) of a clock given the age (A) of the clock and the number of bidders (B). In addition, we have been asked to give a predicted price for a 175 year clock when there are 12 bidders, and a 90% confidence interval for this prediction. Data : The data has been entered into the computer and printed out (p.___). The data has been checked for accuracy and has been verified to be the same as the data provided to us. Price : (in \$), the dependent variable, has an average of _______, standard deviation of _______, ranges from a minimum value of ________ to a maximum of ________. The shape of the distribution appears ____________________________ (p_____) Age : an independent variable, has an average of _______, standard deviation of _______, ranges from a minimum value of _________ to a maximum of ___________. The shape of the distribution appears _______________________________ (p._____) Number of bidders : an independent variable, has an average of ______, standard deviation of _______, ranges from a minimum value of _______ to a maximum of _________. The shape of the distribution appears _________________ ______________. (p._________) Order : an independent variable, has an average of ____, standard deviation of ____ , ranges from a minimum value of ____ to a maximum of ____. The shape of the distribution appears uniform (p____) Price (y) vs independent variables : examining the corr. matrix (p_____), we see the following significant results: the corr.

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smb.auct.rpt.blank.12.31.03 - AUCTION PROBLEM-EXECUTIVE...

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