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PurposeThis assignment provides an
opportunity to develop, evaluate, and apply bivariate and
multivariate linear regression models.Resources: Microsoft Excel®,
DAT565_v3_Wk5_Data_FileInstructions:The Excel file for this
assignment contains a database with information about the tax
assessment value assigned to medical office buildings in a city.
The following is a list of the variables in the database:
FloorArea: square feet of floor spaceOffices: number of
offices in the buildingEntrances: number of customer entrancesAge:
age of the building (years)AssessedValue: tax assessment value
(thousands of dollars)
Use the data to construct a model that predicts the tax
assessment value assigned to medical office buildings with specific
characteristics.
Construct a scatter plot in Excel with FloorArea as the
independent variable and AssessmentValue as the dependent variable.
Insert the bivariate linear regression equation and r^2 in your
graph. Do you observe a linear relationship between the 2
variables?Use Excel’s Analysis ToolPak to conduct a regression
analysis of FloorArea and AssessmentValue. Is FloorArea a
significant predictor of AssessmentValue?Construct a scatter plot
in Excel with Age as the independent variable and AssessmentValue
as the dependent variable. Insert the bivariate linear regression
equation and r^2 in your graph. Do you observe a linear
relationship between the 2 variables?Use Excel’s Analysis ToolPak
to conduct a regression analysis of Age and Assessment Value. Is
Age a significant predictor of AssessmentValue?
Construct a multiple regression model.
Use Excel’s Analysis ToolPak to conduct a regression analysis
with AssessmentValue as the dependent variable and FloorArea,
Offices, Entrances, and Age as independent variables. What is the
overall fit r^2? What is the adjusted r^2?Which predictors are
considered significant if we work with α=0.05? Which predictors can
be eliminated?What is the final model if we only use FloorArea and
Offices as predictors?Suppose our final model is:AssessedValue =
115.9 + 0.26 x FloorArea + 78.34 x OfficesWhat wouldbe the assessed
value of a medical office building with a floor area of 3500 sq.
ft., 2 offices, that was built 15 years ago? Is this assessed value
consistent with what appears in the database?
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