Qnt561 week 6 questions

Topic 1

Regression Analysis

What is the purpose of using regression analysis? How might a regression analysis be used to formulate strategies?

Provide examples related to strategy formulation and implementation.

Topic 2

Regression Modeling

How is regression modeling used to understand the association between two variables?

Topic 3

Multiple Regression Analysis Excel

Class, many of you are already familiar with the add-ins analysis tools, but here is a video which may be helpful for you to compute multiple regression analysis (MRA) using data analysis add-in (this is similar to MegaStat and SPSS). 

http://www.businessinsider.com/understand-excel-multiple-regression-2014-10

Constructive thoughts?

Topic 4

Deming’s 14 Points

Class, 

How does Quality Management and Deming’s 14 points lead to improved TQM?

Topic 5

Product Quality

According to Black (2017), “Product quality is measurable in the product. Consumers perceive differences among products, and quality products have more attributes. For example, a personal computer with more memory has more quality. Tires with more tread have more quality”. 

The text also provided information on user quality, which states the level of quality is based on the consumer. It would be in my opinion that user quality, has a great influence on products or services that are deemed high or worthy quality. In today’s technological society, consumers have the ability to quickly share their opinions or experiences on several social media platforms. This type of immediate sharing, can be of great value to a company.

Reference: 

Black, K. (2017). Business Statistics For Contemporary Decision Making (9th ed.). Retrieved from The University of Phoenix eBook Collection database.

Topic 6

Pearson’s Correlation Coefficient

Class, 

“Originated by Karl Pearson about 1900, the correlation coefficient describes the strength of the relationship between two sets of interval-scaled or ratio-scaled variables. Designated r, it is often referred to as Pearson’s rand as the Pearson product-moment correlation coefficient. It can assume any value from −1.00 to +1.00 inclusive. A correlation coefficient of −1.00 or +1.00 indicates perfect correlation.” 

Lind, Douglas, William Marchal, Samuel Wathen. Statistical Techniques in Business and Economics, 16th Edition. McGraw-Hill

Please review to Figure 12.1 of the eTextbook and share your thoughts about Pearson’s correlation coefficient.

Topic 7

12.4. BlueCross BlueShield

12.4. The following data are the claims (in $ millions) for BlueCross BlueShield benefits for nine states, along with the surplus (in $ millions) that the company had in assets in those states.

STATE	CLAIMS	SURPLUS
Alabama	$1,425	$277
Colorado	273	100
Florida	915	120
Illinois	1,687	259
Maine	234	40
Montana	142	25
North Dakota	259	57
Oklahoma	258	31
Texas	894	141

Use the data to compute a correlation coefficient, r, to determine the correlation between claims and surplus.

Topic 8

Multiple Regression Problem and Solution

Class, 

It has been hypothesized that overall academic success for college freshmen as measured by grade point average (GPA) is a function of IQ scores, X1, hours spent studying each week, X2, and one’s high school average, X3. Suppose the regression equation is . The multiple standard error is 6.313 and R2 = 0.826.

What is the predicted GPA for a student with an IQ of 108, 32 hours spent studying per week, and a high school average of 82? 

3.1446??By substituting the values for each of the independent variables, the predicted GPA is 3.1446, found by 6.9 + 0.055(108) + 0.107(32) + 0.0853(82).

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