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Examples of regression analysis

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Once we start to think about it, regression is useful in many different situations. Give an example of how you might use regression analysis in your work. As part of your answer give the model you would use and explain why you chose the specific independent variables given in your model. I own my own janitorial company.

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In owning your own janitorial company, you may put in an amount of hours each month. This amount may vary. Over a 12-month period you may average those numbers, but this doesn't tell ...

Solution Summary

Solution is an example in Excel of linear regression applied to hours prediction for a janitorial small business.

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A recent article in Buisness Week listed the best small companies. We are interested in the current results of the companies sales and earnings. A random sample of 12 companies was selected and the sales and earnings, in millions of dollars, are reported below.

Company Sales Earnings
($ millions) ($ earnings)

Papa John's International 89.2 4.9

Applied Innovation 18.6 4.4

Integracare 18.2 1.3

Wall Data 71.7 8.0

Davidson Associates 58.6 6.6

Chico's Fas 46.8 4.1

Company Sales Earnings
($ millions) ($ millions)

Checkmate Electronics 17.5 2.6

Royal Grip 11.9 1.7

M-Wave 19.6 3.5

Serving-N-Slide 51.2 8.2

Daig 28.6 6.0

Cobra Golf 69.2 12.8

Let sales be the independent variable and earnings be the dependent variable.

A. Draw a scatter diagragm.

B. Compute the co-efficient of correlation.

C. Compute the co-efficient of determination.

D. Interpret your findings in part B and C.

E. Determine the regression equation.

F. for a small company with 50.0 million in sales, estimate the earnings.

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