Mathematics Homework Help

Descriptive Statistics Tools Question

 

I need an explanation for this Statistics question to help me study.

Getting Started

In this activity, you will create a scatterplot, then graph the trend line with the regression equation and r2 value. From this, you will interpret the slope and predict the corresponding y values.

Scatterplots are useful for determining whether a relationship exists between variables. This information can be valuable when making managerial decisions. For example, if your goal is to increase sales, then one of the factors you may consider is whether a relationship exists between sales and marketing dollars spent. If a relationship does exist between these two variables, as shown in Example 2, you may consider increasing the amount you spend on marketing. However, if there is no relationship, as shown in Example 1, you may choose not to spend more money on marketing.

Upon successful completion of the course material, you will be able to:

  • Apply concepts and techniques to measure the relationship between two numeric variables.
  • Explain how descriptive statistical tools can be used to analyze and solve managerial problems.

Resources

  • File: WS2AppliedStatistics (Excel)

Instructions

  1. Complete the problems in the file WS2AppliedStatistics (Excel). Follow the directions in the worksheet to create:
    1. A scatterplot
    2. A trend line of the plot showing the regression formula and r2 value
    3. An interpretation of the slope and r2 value
    4. A prediction of the y value based on the x value
  2. Using Microsoft Word, write a brief paragraph explaining a scenario where you might employ the tools learned in this workshop to help solve a managerial problem in the workplace. Save your work and submit it along with your completed Excel file for this exercise.

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