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Regression Analysis in Excel: The Tire Rack

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The Tire Rack, America's leading online distributor of tires and wheels, conducts extensive testing to provide customers with products that are right for their vehicle, driving style, and driving conditions. In addition, the Tire Rack maintains an independent consumer survey to help drivers help each other by sharing their long-term tire experiences.

The following data show survey ratings (1 to 10 scale with 10 the highest rating) for 18 maximum performance summer tires. The variable Steering rates the tire's steering responsiveness, Tread wear rates quickness of wear based on the driver's expectations, and buy Again rates the driver's overall tire satisfaction and desire to purchase the same tire again.

a. Develop an estimated regression equation that can be used to predict the buy Again rating given based on the Steering rating. At the .05 level of significance, test for a significant relationship.
b. Did the estimated regression equation developed in part (a) provide a good fit to the data? Explain.
c. Develop an estimated regression equation that can be used to predict the buy Again rating given the Steering rating and the Tread wear rating.
d. Is the addition of the Tread wear independent variable significant? Use a = .05.

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This solution consists of details of performing linear regression analysis in Excel.

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  • BSc , Wuhan Univ. China
  • MA, Shandong Univ.
Recent Feedback
  • "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
  • "excellent work"
  • "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
  • "Thank you"
  • "Thank you very much for your valuable time and assistance!"
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