Week 7 disscusion posts

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DeVry University, Keller Graduate School of Management *

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221

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Marketing

Date

Jan 9, 2024

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docx

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1

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Week 7 disscusion post 1 6. What clues should one look for in the wording of a problem or in how a situation is defined that would help one decide if linear regression is the appropriate methodology to use to solve the problem or resolve the situation? How do you know? We need to look for the variables, sample size, and assumptions. We would need to pay attention to the relationship between the independent variables. Linear regression is commonly used when the dependent variable (the variable being predicted or explained) is continuous. If the problem involves predicting a value that falls on a continuous scale, such as predicting house prices, sales revenue, or temperature, linear regression may be appropriate. Post 2 Question 10 1. What graphic presentation would help a beauty salon track preferred hair colors so that they can ensure that they have the appropriate numbers of various hair dyes in stock to meet demand? Why? A bar graph would be the best graphic presentation. It would give you an exact number of customers with each color as well as easily show you which is more popular. Post 3 in this course, we have studied confidence intervals, hypothesis tests, and linear regression. How can you decide which of these methodologies to use to resolve a given situation? Which would you use in each of these situations? 1. Can study time and hours of sleep estimate a student’s test grade? Linear regression because there is 2 different variables. 2. Is the average size of dogs in the U.S. different from the average size of dogs in Europe? I would say hypothesis testing. There is only 1 variable to answer for the average size of a dog. 3. How does the estimated mean cost of groceries at Whole Foods compare with that at Target? We would use confidence intervals for this type of situation.
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