24 Jul Instructions: The Excel file for this assignment contains a da
Instructions: The Excel file for this assignment contains a database with information about the tax assessment value assigned to medical office buildings in a city. The following is a list of the variables in the database:· FloorArea: square feet of floor space· Offices: number of offices in the building· Entrances: number of customer entrances· Age: age of the building (years)· AssessedValue: tax assessment value (thousands of dollars)Use the data to construct a model that predicts the tax assessment value assigned to medical office buildings with specific characteristics.· Construct a scatter plot in Excel with FloorArea as the independent variable and AssessmentValue as the dependent variable. Insert the bivariate linear regression equation and r^2 in your graph. Do you observe a linear relationship between the 2 variables?· Use Excel’s Analysis ToolPak to conduct a regression analysis of FloorArea and AssessmentValue. Is FloorArea a significant predictor of AssessmentValue?· Construct a scatter plot in Excel with Age as the independent variable and AssessmentValue as the dependent variable. Insert the bivariate linear regression equation and r^2 in your graph. Do you observe a linear relationship between the 2 variables?· Use Excel’s Analysis ToolPak to conduct a regression analysis of Age and Assessment Value. Is Age a significant predictor of AssessmentValue?Construct a multiple regression model.· Use Excel’s Analysis ToolPak to conduct a regression analysis with AssessmentValue as the dependent variable and FloorArea, Offices, Entrances, and Age as independent variables. What is the overall fit r^2? What is the adjusted r^2?· Which predictors are considered significant if we work with α=0.05? Which predictors can be eliminated?· What is the final model if we only use Floor Area and Offices as predictors?· Suppose our final model is:· Assessed Value = 115.9 + 0.26 x Floor Area + 78.34 x Offices· What would be the assessed value of a medical office building with a floor area of 3500 sq. ft., 2 offices, that was built 15 years ago? Is this assessed value consistent with what appears in the database?Regression Modeling
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