11 May Show appropriate graphical analyses
Show appropriate graphical analyses as well as appropriate statistical analyses.
Use the Colleges and Universities data file located on Blackboard under datafiles.
1. Run a correlation analysis for the following variables: Endow, AvgFinAid, Tuition, RmBrd, %FinAid.
a. Paste the correlation table.
b. Briefly, discuss the associations between the significantly correlated variables.
2. Investigate the relationship between %FinAid, AvgFinAid, and Region and their impact on Tuition for private colleges/universities. For this analysis, assume all assumptions are met and extreme data points are valid.
- What do you expect the relationship to be between the three predictors and tuition for private colleges/universities.
- Using regression analysis, conduct appropriate statistical analysis to determine whether there is a statistically significant relationship between Tuition and the predictors. Test at = .05. Paste the Minitab output that you used for this analysis below andcircle or highlight the evidence on which you based your conclusion. What can we conclude about the relationships?
- Interpret the regression coefficient for each predictor.
- Find the standard deviation of the regression equation. Briefly explain its meaning.
The standard deviation is
e. Using the regression output, we wish to know how strong the relationship is between the two variables. Briefly interpret this value.
The number that summarizes the strength of the relationship is
f. Show how the Minitab calculates the value of RSquare (not adjusted) using information in the variation output. Show the formula in general, numbers from Minitab output plugged in, then the final answer.
g. How well does the data meet the assumptions for simple linear regression? Paste below any output used to determine this conclusion.
h. What can you conclude? Briefly, summarize the overall findings of this analysis for a management audience. Limit to 1 paragraph.
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