question archive Linear Regression Project - Building Your Dream Home Due - July 2 Instructions Begin working on the Linear Modeling Project this week

Linear Regression Project - Building Your Dream Home Due - July 2 Instructions Begin working on the Linear Modeling Project this week

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Linear Regression Project - Building Your Dream Home

Due - July 2

Instructions

Begin working on the Linear Modeling Project this week. For this project, you are required to explore the relationship between two quantitative variables among a specific population. Construct a scatterplot and compute the correlation coefficient and coefficient of determination. If there is sufficient evidence for a linear relationship, a regression line should be computed and presented on a scatterplot of the data. Make an appropriate prediction based upon the correlation and regression analysis provided. 

When describing and comparing the distributions, keep in mind the following questions: Are there any outliers or influential points? Is there a strong correlation? Is there a linear relationship? What percent of the variation in the response variable is explained by the linear regression model? Am I comfortable using this model to make predictions? 

Write a brief report including data, statistics, scatterplots, and a linear model in which you present your findings and make appropriate predictions.

 

 

Building Your Dream Home Your dream home is a 2750 square foot home that you had designed especially for your family. For years, you have had the plans for your dream home; however, you have been looking for that perfect neighborhood in which to build this home. Today is your lucky day! You have found the perfect neighborhood in which to build your dream home. The developer requires that you contract with them to build your dream home. Since, your dream home is not a floor plan they currently offer, you will need to negotiate a fair price for the home. The only pricing information you have is displayed in the following table which I found on their website. Home Price for Linear Regression Project - 

Table  Description automatically generated

 

Create a proposal that you will provide the builder. In this proposal, you will introduce yourself, your desire to build your dream home, a logical progression of how you will decide upon a fair price, and an offer for the construction of your new dream home in this perfect neighborhood. Remember that the topic this week is Simple Linear Regression. Your proposal should provide the data you used to create the model,  the scatterplot of the data, the linear model (formula and graph), the correlation coefficient, coefficient of determination, the predicted price, and any other information you feel is necessary to support your proposed price for your dream home of 2750 square feet.

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