Weeks 6 & 7 Assignment 6: Regression Forecasting
- CO7: Investigate cause-and-effect relationships utilizing regression analysis
This week and next, your studies focus on using statistical regression to forecast future demand. Begin your studies in the Content section of the classroom by completing the reading and viewing assignments. As was the case last week, do not try to complete this homework assignment without understanding the concepts involved with forecasting using statistical regression. Once you have a good understanding of how regression works, download the attached Excel Template onto your computer. You will use this template for your assignment during the next two weeks (Weeks 6 and 7). Begin by opening the Excel File and read through the Scenario at the top of the page, then notice there are tabs at the bottom of the workbook that constitute your homework assignment. There are three different Task-groups for you to work on over the next two weeks. Next, take a look at each section in the Excel book and scroll down through the spreadsheet, you will notice in the far left column, there are several tasks for you to complete on each tab. Pace yourself and get some of the assignment done in the first week; it can be dangerous to leave all of this homework for week 7.
Next, hyperlinked directly below are several YouTube videos that will aid you in completing the assignment tasks. They are all short (under 10 minutes), so watch them all in succession before you start your homework. Then, as you start each Tab in the Excel Workbook, keep a copy of the appropriate video handy, each assignment almost exactly mirrors these videos; albeit with different scenarios.
Regression Forecasting Resources:
- Using Excel to calculate a correlation coefficient || interpret relationship between variables (5:21 Minutes)
- (Linear) Regression Equation Excel 2016 (4:35 Minutes)
- Multiple Linear Regression Equation using Excel 2016 (7:15 Minutes)
- Regression with a Dummy Variable using Excel (7:23 Minutes)
- Download the template attached below onto your computer. Label this file as: Johnston_Assignment_6
- You have two weeks to complete this assignment; Week 6 and Week 7.
- It’s important that you complete the reading assignments first before you tackle this assignment.
- There are several “Tasks” in the workbook and they are on separate Tabs. Look over the tasks and make sure you understand the scenario, the data you are given, and the parameters for the regression analysis. If you get lost and can’t quite figure out how to proceed, message your instructor, we are always glad to help. Before submitting this assignment, scroll down each tab in succession and make sure you have completed all of the tasks described in the Spreadsheet.
- This weeks assignment is best completed while watching the videos above; in order. It is recommended that you have the video open on one side (1/2) of your screen and the homework template on the second half of the screen. That way, you can watch the video and complete the assignment synchronously. Make sense?
Grading: There is no grading rubric for this assignment, your instructor has a key that includes exactly what the tables and charts should look like.