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Bardi Correlation Coefficient

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Bardi Trucking Company, located in Cleveland, Ohio, makes deliveries in the Great Lakes region, the Southeast, and the Northeast. Jim Bardi, the president, is studying the relationship between the distance a shipment must travel and the length of time, in days, it takes the shipment to arrive at its destination. To investigate, Mr. Bardi selected a random sample of 20 shipments made last month. Shipping distance is the independent variable, and shipping time is the dependent variable. The results are as follows:

ship dist miles ship time ship dis miles ship time
days days
1 808 3 11 618 4
2 622 12 12 634 13
3 618 8 13 667 7
4 786 8 14 638 6
5 776 9 15 844 15
6 838 3 16 783 14
7 620 6 17 756 9
8 751 11 18 840 10
9 780 11 19 754 13
10 649 7 20 742 15

a) Fill in the blanks. (Round your answers to 3 decimal places. Negative values should be indicated by minus sign.). X
Y
sx
sy
r

b) Determine the coefficient of determination. (Round your answer to 3 decimal places)
c) Fill in the blank below. (Round your answer to 1 decimal place)

______% of the variation in shipping time is explained by shipping distance.

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Solutions: The answers are provided below, with the Excel spreadsheets attached offering the complete breakdown of formulas and ...

Solution Summary

This solution is comprised of a detailed explanation for correlation coefficient. The data analysis tool is used for the regression analysis in excel, correlation coefficient is calculated manually by showing all the formulas and calculations. Full interpretation is given for correlation and regression analysis.

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Linear Regression and Correlation

LINEAR REGRESSION AND CORRELATION
Please note ALL answers and explanation is to be done in EXCEL -no word documents.

Question 1: The Bardi Trucking Co. located in Cleveland Ohio, makes deliveries in the great Laes region, the southeast and the Northeast. Jim Bardi, the president, is studying the relationship between the distance a ship must travel and the length of time, in days; it takes the shipment to arrive at its destination. To investigate, Mr. Bardi selected a random sample of 20 shipments made last month. Shipping distance is the independent variable, and shipping time is the dependent variable, the results are as follows:

Shipment

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

DISTANCE IN (MILES)

656
853
646
783
610
841
785
639
762
762
862
679
835
607
665
647
685
720
652
828

Shipping Time (days)
5
14
6
11
8
10
9
9
10
9
7
5
13
3
8
7
10
8
6
10
Ques A. Determine and interpret the coefficient of determination.
QuesB. What would be the estimated shipping time for a distance of 715 miles?

Ques. 2. A sample of 12 homes sold last week in St. Paul Minnesota, is selected. The results are shown below.

Home size Selling Price Home size Selling Price
(Thousands of sq. feet) ($thousands) (Thousands of sq ft) ($Thousands)
1.4 100 1.3 110
1.3 110 0.8 85
1.2 105 1.2 105
1.1 120 0.9 75
1.4 80 1.1 70
1.0 105 1.1 95

Ques A: Determine AND INTERPRET THE COEEFICIENT OF DETERMINATION.

Quesb: What would be the estimated selling price of a home that has 1.0 thousand square feet?

PS: Any tips/pointers you can give for how to go about interpreting the coeeficient etc when it comes to linear Regression & Correlation so it's easier for me to understand?say in pointer form? Thanks

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