Math 533 Part C Essay - 2020 Words

August 26, 2012 MATH 533 Course Project Part C Professor Khago Introduction: The following report displays regression and correlation analysis for AJ Davis Department Stores data on credit balance and size. We will use the data collected from 50 credit customers to complete the following analysis; * Generate a scatterplot for CREDIT BALANCE vs. SIZE, including the graph of the best fit line. Interpret. * Determine the equation of the best fit line, which describes the relationship between CREDIT BALANCE and SIZE. * Determine the coefficient of correlation. Interpret. * Determine the coefficient of determination. Interpret. * Test the utility of this regression model (use a two tail test with ÃŽ ± =.05).†¦show more content†¦The p-value is less than .05 so we would reject the null hypothesis. 6. Based on findings from questions 1-5 we can conclude that the relationship between credit balance and size is linear with positive correlation. That is model is useful for predicting the credit balance using the variable size as a independent variable. 7. 95% confidence interval. (300.788, 505.655). This means that we can say with 95% confidence that the true value of the slope will be between (300.788, 505.655) 8. The 95% confidence interval for the mean credit balance for a customer that has a household size of 5 is (4368.2, 4846.9). The predicted value of the credit balance of a customer that has a household size of 5 is $4607.5. This confidence interval means that with 95% confidence, we can say that the true value of the mean credit balance for a customer that has a household size of 5 will be within the interval ($4368.2, $4846.9) Taken from minitab: Predicted Values for New Observations New Obs Fit SE Fit 95% CI 95% PI 1 4607.5 119.0 (4368.2, 4846.9) (3337.9, 5877.2) Values of Predictors for New Observations New Obs Size 1 5.00 9. The 95% confidence interval for the mean credit balance for a customer that has a household size of 10 is (5927.0, 7320.4). The predicted value of the credit balance for a customer that has a household size of 10 is $6623.7. This confidence interval meansShow MoreRelatedMath 533 Part C1131 Words   |  5 Pagesï » ¿ PROJECT PART C: Regression and Correlation Analysis Math-533 Applied Managerial Statistics Prof. Jeffrey Frakes December 12, 2014 Jared D Stock 1. Generate a scatterplot for income ($1,000) versus credit balance ($), including the graph of the best fit line. Interpret. This scatter plot graph is a representation of combining income and credit balance. It shows the income increasing as the credit balance increases. 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Determine theRead MoreAj Davis Department Stores1219 Words   |  5 PagesAJ Davis Department Stores - Project Part A, B, and C Stacie Borowicz June 14, 2013 Math 533 Project Part A – Exploratory Data Analysis Credit Balance ($) Based on a sample of 50 customers, the credit balance for customers of Davis Department stores is on average $3970.00. Based on the graph, 18 of the 50 sampled fall below and 17 fell above the average. The standard deviation for credit balance is 931.9. Income Annual Income of Davis Department Stores customers range anywhereRead MoreMath 533 Part B1210 Words   |  5 Pagesï » ¿ PROJECT PART B: Hypothesis Testing and Confidence Intervals Math-533 Applied Managerial Statistics Prof. Jeffrey Frakes December 8, 2014 Jared D Stock A.) The average (mean) annual income was greater than $45,000 Null Hypothesis: The average (mean) annual income is greater than or equal to $45,000. 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