Does the association appear to be strong

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Reference no: EM133960714

Case Study - Instructions (Descriptive Analysis)

For the Descriptive Analysis Project, follow the instructions in the Correlation Case Study Instructions Download Correlation Case Study Instructions using this data file Pattern Recognition Data (student) Download Pattern Recognition Data (student).

You may use your own data for this project as long as you get prior written approval from your instructor. You will need to clearly define the problem statement you aim to solve.

In this file "All You Knead. Pattern Recognition Data (Student).xls" you will see these variables in the Data tab of the file:

No. of Shops (in hundred) No. of Units (in hundred) No. of Popular Brands Population (in thousands) Sales (in $millions) Urban Type Region

You will also see two correlations between sales and population and sales and stores with interpretations that have already been done for you. Use the Excel file to generate correlations, scatter plots, and pivot tables. You must turn in your spreadsheet with formulas (not hard coded values) for full credit.

To generate correlations, use:
(Excel > Data Analysis > Correlation OR Excel > Formulas > More Functions > Statistical > CORREL).
To generate scatter diagrams, use:
Excel> Insert > Scatter (Diagrams).
To generate pivot tables, use:
Excel > Insert > Pivot Table. You will need to choose the right variables for the rows and columns and choose one for the interior tabulation. Remember, you can change the tabulation to options including Count, Sum, Average, and Percentages.

If you need a refresher on how to do this, please watch Dr. Yurova's video.

In this exercise, our dependent variable (that we want to predict) is sales. The other variables are considered independent, or predictors. The difference between quantitative and categorical variables will dictate which research questions you can test.

When we look at scatterplot, we should be able to describe the association we see between the variables. A quick description of the association in a scatterplot should always include a description of the form, direction, and strength of the association, along with the presence of any outliers.
Form: Is the association linear (more or less a straight line) or nonlinear?
Direction: Is the association positive or negative? Get AI-free online assignment help from experienced academic experts.
Strength: Does the association appear to be strong, moderately strong, or weak?
Outliers: Do there appear to be any data points that are unusually far away from the general pattern?

It's also important to include the context of the two variables in the description of these features.

In your report, make sure you explain each scatter diagram (Excel > Insert > Charts > Scatter), each correlation (Excel > Formulas > More Functions > Statistical > CORREL), and interpret your r values (correlation coefficients). Also in your report, make a recommendation as to which of the independent variables you would focus on to increase sales.

Review the practice activity on descriptive modeling (identifying the relationships between variables), and practice calculation of correlations and building scatter plots.

Reference no: EM133960714

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