Assignment Content
PurposeThis assignment provides an opportunity to develop, evaluate, and apply bivariate and multivariate linear regression models.
Resources:
Instructions: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 space
Offices: number of offices in the building
Entrances: number of customer entrances
Age: age of the building (years)
AssessedValue: tax assessment value (thousands of dollars)
Usethe 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 withFloorAreaas the independent variable andAssessmentValueas 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 Excels Analysis ToolPak to conduct a regression analysis ofFloorAreaandAssessmentValue. IsFloorAreaa significant predictor ofAssessmentValue?
Construct a scatter plot in Excel withAgeas the independent variable andAssessmentValueas 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 Excels Analysis ToolPak to conduct a regression analysis of Age and Assessment Value. IsAgea significant predictor ofAssessmentValue?
Constructa multiple regression model.
Use Excels Analysis ToolPak to conduct a regression analysis withAssessmentValueas the dependent variable andFloorArea,Offices,Entrances, andAgeas independent variables. What is the overall fit r^2? What is the adjusted r^2?
Which predictors are considered significant if we work with =0.05? Which predictors can be eliminated?
What is the final model if we only useFloorAreaand Offices as predictors?
Suppose our final model is:
AssessedValue= 115.9 0.26 xFloorArea 78.34 xOffices
What 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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