I’m stuck on a Statistics question and need an explanation.
Read Example 1 and make comments, explain what your take away is from the example, and make addition if you can.
Your document should be minimum 150 words. Please have credible references.
Regression can be a very powerful tool in business. It can help to find or reinforce relationships between variables. Since I used to be a steel erector, I had to bid projects in order to try to win work. I decided to look at 14 different projects I bid in order to see how strong of a relationship there was between the amount of steel pieces and the bid amount for erecting the steel. In order to take out any large swings in the data, I took out any equipment, profit, and all of the things that don’t pertain to the steel itself. Here is the data and analysis:
As seen in the graph above, the equation for the line of regression is y=394.23x+283.24.
The coefficient of determination, r2, is 0.985. That shows a very strong relationship between the regression line and the data.
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