Quantitative Methods Assignment 2 Introduction (summary of case) Managerial report Conclusion References (if any) Appendices (if any) Assessment instructions: Regression is a statistical tool used to understand and quantify the relation between two or more variables

Quantitative Methods Assignment 2

• Introduction (summary of case)
• Managerial report
• Conclusion
• References (if any)
• Appendices (if any)

Assessment instructions: Regression is a statistical tool used to understand and quantify the relation between two or more variables. Regressions range from simple models to overly complex equations. The two primary uses for regression in business are forecasting and optimization. In addition to helping managers predict such things as future demand for their products, regression analysis helps fine-tune manufacturing and delivery processes.

This assignment focuses on applying regression methods. Students are given a case (next page) and a data set (data for each student on excel sheet available on Moodle) to analyse and make a managerial report.

This assessment requires students to focus on the key learnings from the lectures on linear and multiple regression and how they apply to real-life situations.

Case problem: Selecting a Point-and-Shoot Digital Camera

Consumer reports tested 20 different point-and-shoot digital cameras. Based upon factors such as the number of megapixels, weight, and price, they developed an overall score for each camera tested. The overall score ranges from 0 to 100, with higher scores indicating better overall test results.

The data set includes information on brand, average retail price, number of megapixels and weight.

Managerial Report:

Use the regression technique, students need to include the following in their report.

1. 1)  Using overall score as the dependent variable, develop three scatter diagrams, one using price as the independent variable, one suing weight as the independent variable, and one using the number of megapixels as the independent variable. Which of the three independent variables appears to be the best predictor for overall score?
2. 2)  Develop an estimated regression equation that could be used to predict the overall sore given the price of the camera and the number of megapixels. Discuss your findings.
3. 3)  Discuss the need for other independent variables that could be added to the model. What additional variables might be helpful?

Citation and referencing: Students should follow the APA referencing style to construct the Reference List and in-text citations.