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October 22, 2021

simple linear regression 4

Assume once again that you are a consultant who works for the Diligent Consulting Group. You are continuing to work on the analysis of the customer database from Modules 1 and 2.

SLP Assignment Expectations

Complete the following tasks in the Module 3 SLP assignment template:

  1. Create a scatterplot in Excel with “Annual Amount Spent on Organic Food” on the y (vertical) axis and “Age” on the x (horizontal) axis.
  2. Insert a trendline.
  3. What does the trendline indicate about the relationship between these two variables?
  4. Calculate the correlation coefficient for these two variables using the =CORRELATION() formula in Excel.
  5. Interpret the correlation coefficient.
  6. Does the correlation coefficient agree with the slope of the best fit line? Explain.
  7. Add the equation for the best fit line on the chart.
  8. Does this equation match the linear regression equation from the Case for this module? Explain.

Required Reading

The primary resource for this module is Introductory Business Statistics by Alexander, Illowsky, and Dean.

Alexander, H., Illowsky, B., & Dean, S. (2017). Introductory Business Statistics. Openstax. Retrieved from https://openstax.org/details/books/introductory-business-statistics

For Module 3, you should read through the following material in this textbook.

Chapter 13: Linear Regression and Correlation
Sections 13.1, 13.2, 13.3 and 13.7 only
This chapter introduces correlation coefficients and linear regression analysis. Section 13.7 explains how to create regression estimates in Excel. There is also tutorial link below that explains how to use that tool. We will cover the remaining sections in Module 4.

You are now familiar with several tools in the Analysis Toolpak. Regression analysis is just another one of those tools. Please review the following tutorial for help in generating regression estimates in Excel:


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