- March 24, 2021 at 4:40 pm #615136
I am new to data analytics, kindly assist in guiding me to solve this regression statistics question for which I am required to use the ANOVA table.
Question: How much additional profit would be generated across the railway network if $250,000 were spent on automated railway investment?
Thank you!March 24, 2021 at 5:40 pm #615140Kim SmithKeymaster
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Please refer to this unit 7 thead https://opentuition.com/topic/ethics-and-professional-skills-module-unit-7March 30, 2021 at 3:06 pm #615518
Sir, thank you for your response, but all your response is given me is reference to other responses you have given to other students, and the response is not clear on what should be done.
The course module that I am studying does not give sufficient information on how to do the questions they have provided which is a disadvantage to the students and me in particular.
I actually had to google to get some guidance on how to get the predicted sales for railway tickets, and I did get the answer, which is great. But the question on additional profit has been difficult to process, so far I have not seen any clear information on working out the answer.
I would appreciate if some additional information can be provided.
ThanksMarch 30, 2021 at 3:16 pm #615521Kim SmithKeymaster
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You just need to read my instructions for example:
In the section “Types of Analytics” in the course you will find a section “Predictive Analytics”. You can download the illustration BBQ sales.
You don’t have to be able to reproduce the multiple linear regression analysis in the end of unit assessment (because it’s provided) but you do need to READ the comments that interpret the output table (e.g the “coefficients” calculated provide the regression formula: Y = a + bX1 + cX2 + dX3 … etc)
If you “copy” the process of the Illustration (without reperforming the multiple regression itself) you should be able to solve the numerical questions (e.g. putting the values 150, 15000 etc into the formula).
The unit also gives examples of where/why you should be sceptical or exercise caution in relying on results to answer the other end of unit questions.
Pay attention to “units” when keying in a number-fill answer e.g. to nearest $ – no decimal or rounded to $000 for example.
Your aim is to correctly identify the intercept value and x1 to x4 in the spreadsheet. If you work through the explanations in the illustration earlier in the unit you should be able to work these Qs out.
It doesn’t take much time to read through my tips – and you will see that many users of the forum “get it” when they invest the time in working through the illustration.March 30, 2021 at 10:15 pm #615547
Thank you for the added information, I will try to use the info. you provided to work out the answer.
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