Regression Analysis

Objective: The purpose of regression analysis is to identify and evaluate the relationship between two quantitative variables. We look for patterns by plotting the data, generating the line-of-best fit, and analyzing the strength of the relationship and the variation in the model. Then we hope to use this model for predictions. In this activity, you will attempt a linear regression analysis using the quantitative variable you selected in Activity 2 paired with a second quantitative variable of your choice from the full 2016 Census dataset. Instructions: 1. Open Activity3_CensusData_Full _F2023.xlsx Open this document with ReadSpeaker docReader Download Activity3_CensusData_Full _F2023.xlsxOpen this document with ReadSpeaker docReader 2. Locate the quantitative variable analysed in Activity 2 3. Select a second quantitative variable. Refer to the Codebook_Census2016 Download Codebook_Census2016 used in Activity 2. 4. Randomly Sample 100 rows from the Activity3_CensusData_Full _F2023.xlsx Open this document with ReadSpeaker docReader Download Activity3_CensusData_Full _F2023.xlsxOpen this document with ReadSpeaker docReader then save as your own unique, personal dataset. If needed, please review instructions from this video Links to an external site. (start at the 3 minutes - using Method 2) from Activity 2 on how to create your own sample. 5. Identify which of the two variables is the dependent and which if the two is the independent variable. 6. Analyze the relationship between the two variables using the regression options in Excel . 7. Summarize your findings in a short report (300 words or less). Your summary should include:  A description of the variables  A scatterplot (remember the principles of good graphing)  The regression equation ( line-of-best-fit )  The correlation coefficient  R 2  An interpretation of the slope, the y-intercept, the correlation coefficient, and R 2  A recommendation as to whether or not your model should be used for predictions. 8. Review the instructions ! Do Not submit an Excel file. Do not copy your dataset into the report.