Bus520 Trident International University Simple Linear Regression Homework ASSIGNMENT OVERVIEW You are a consultant who works for the Diligent Consulting G

Bus520 Trident International University Simple Linear Regression Homework ASSIGNMENT OVERVIEW

You are a consultant who works for the Diligent Consulting Group. In this Case, you are engaged on a consulting basis by Loving Organic Foods. In order to get a better idea of what might have motivated customers’ buying habits you are asked to analyze the factors that impact organic food expenditures. You opt to do this using linear regression analysis.

CASE ASSIGNMENT

Using Excel, generate regression estimates for the following model:

Annual Amount Spent on Organic Food = α + bAge

After you have reviewed the results from the estimation, write a report to your boss that interprets the results that you obtained. Please include the following in your report:

The regression output you generated in Excel.
Your interpretation of the coefficient of determination (r-squared).
Your interpretation of the coefficient estimate for the Age variable.
Your interpretation of the statistical significance of the coefficient estimate for the Age variable.
The regression equation with estimates substituted into the equation. (Note: Once the estimates are substituted into the regression equation, it should take a form similar to this: y = 10 +2x)
A discussion of how this equation in item 5 above can be used to estimate annual expenditures on organic food.
An estimate of “Annual Amount Spent on Organic Food” for the average consumer. (Note: You will need to substitute the average age into the regression equation for x, the intercept for α, and solve for y.)

Data: Download the Excel-based data file: BUS520 Module 3 Case.
ASSIGNMENT EXPECTATIONS

Written Report

Length requirements: 3–4 pages minimum (not including Cover and Reference pages). NOTE: You must submit 3–4 pages of written discussion and analysis.

Provide a brief introduction to/background of the problem, similar to the introduction/background you provided in Module 1 and 2 Case submissions.

Provide a brief discussion of linear regression analysis, including the value of using this estimation technique.

Provide a written analysis that addresses each of requirements listed under the “Case Assignment” section.

Write clearly, simply, and logically. Use double-spaced, black Verdana or Times Roman font in 12 pt. type size.

Please use keywords as headings to organize the report.

Avoid redundancy and general statements such as “All organizations exist to make a profit.” Make every sentence count.

Paraphrase the facts using your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words.

Upload both your written report and Excel file to the Case 3 Dropbox.

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:

https://www.excel-easy.com/examples/regression.html

PLEASE USE MORE THAN 2 REFERENCES AND PLEASE FOLLOW ATTACHED FORMAT Annual Amount
Spent on Organic
Food
7348
11598
9224
12991
16556
11515
10469
17933
18173
12305
9080
9113
6185
6470
6000
6760
8579
7393
8161
10800
6160
10800
8543
17666
12644
14308
9737
13301
18106
11468
9547
7812
15521
7598
7783
17737
7824
6552
11232
6540
4200
7225
5370
Age
77
47
23
38
58
44
34
75
32
39
65
48
48
49
57
71
47
47
28
63
24
66
24
38
54
28
58
27
48
26
52
29
75
45
74
56
30
57
41
23
28
23
45
4476
2800
7839
3472
8854
8900
12791
12712
13321
8802
14369
7908
17840
15107
12070
6389
6606
6291
7425
11436
7612
7515
13115
11870
8450
16324
9331
9184
16803
10709
14456
16634
12227
13476
14554
9393
14594
6628
11240
13101
14034
17837
7849
10578
11325
7105
16460
33
42
39
60
57
41
67
73
57
64
24
25
34
78
34
34
41
62
57
23
78
36
44
75
70
38
35
65
68
48
24
46
43
58
66
68
74
32
61
42
60
64
53
62
78
44
58
8390
14956
10903
12054
11697
12781
17456
12835
13403
15051
14225
11196
11475
5605
9890
13227
11200
9600
15703
6486
9430
7755
8100
14821
10650
12589
11600
13000
17065
16500
8600
11900
16723
16759
27
68
21
70
38
25
30
70
37
40
29
54
52
65
72
40
36
43
38
73
41
35
21
59
56
42
46
34
70
55
38
51
66
43

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