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Final Project (ME) - Guidelines

Project on managerial economics

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Nafees Nasruddin Patel
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13 views1 page

Final Project (ME) - Guidelines

Project on managerial economics

Uploaded by

Nafees Nasruddin Patel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Final Project Guidelines

1. Choose a Group:
Choose a group of 4-5 whom you will work on the project.
2. Determine Two (or more) Pairs of Variables and Gather Data:
Choose a simple relationship between two variables (or more in case of multiple regression) that
you and your group can collect data on outside of the classroom that you think may have a linear
relationship. For each pair of variables you choose, collect at least 15 data points. You will be further
analyzing one of the pairs of data of your choice. Try to choose variables that you are interested in
but also that you think may have a strong linear relationship.
3. Compile Data onto Linear Regression Project :
For each pair of variables, organize the data into a table and make a scatterplot with the variables
and axis clearly labeled. Using the scatterplot, describe the relationship between the variables,
determine the Line of Best Fit and write the Regression Equation for each pair of variables. In
addition, find the correlation coefficient of the data and plot a residual plot.
4. Type and Analyze Data onto the Linear Regression Project:
Organize all of your data, tables, scatter plot and residual plot from the previous lab report onto
Excel, or other application. Analyze your data, summarizing the relationship between the variables,
what the rate of change and y-intercept say about the relationship between the two variables and,
in particular, comment on whether a linear model would fit the trend in the data and how good of a
model your line of best fit is for your data. Make at least 3 predictions with your model (equation)
and comment on how reliable you think your predictions would be. Analyze whether your data
shows that there is a correlation or causational relationship or no correlation at all.
5. Presentation:
You and your group members must create an organized presentation which contains the following
components: - Clearly labeled variable pair including the data table, scatter plot, regression line,
residual plot and regression equation. Well written summary of the relationship between the
variables in each pair- detailing how you collected the data, how the variables are related to one
another and how you determined whether they have a linear relationship. - Pictures, props, or
possible demonstrations of how you collected the data.

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