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Relationship: Correlations and Regressions

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Your final project entails systematic extraction of decision-aiding insights from a dataset (SampleDataSet.xlsx) provided to you in the Doc Sharing area. The goal of this project is to provide you with hands-on experience in conducting and interpreting different types of statistical analysis. The focus of your analysis will be on marketing strategies and analysis-related topics. At times, you will be expected to conduct additional research on topics that are not adequately covered in your text, for example, data due diligence.

In this section, you will conduct correlation and regression analyses using the provided SampleDataSet.xlsx.

Correlation: Compute a correlation matrix that includes all continuous variables. Identify all individual correlations that are significant at the 95 percent level.

Regression: Build a multiple regression model to explain the variability in the median school year. Describe the goodness of fit of your model and summarize your findings. Select at least four to seven similar independent variables from the remaining forty-nine measures and justify your selection.

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This solution is comprised of a detailed explanation of Correlations and Regressions. This solution mainly discussed the question in which we need to perform Correlations and Regressions analysis. Excel was used for Correlations and Regression analysis.

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Regression and Correlation Business Relationships

A business owner considers the relationship between square footage and monthly sales.

Square footage, Sales (1,000s)
380 32
400 37
250 33
320 31
330 29
360 37

a. Determine the correlation coefficient.
b. Is there a strong relationship? If so determine the line of best fit.
c. Estimate what the sales should be for a 3000 square foot shop.

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