Purpose

This assignment provides an opportunity to develop, evaluate, and apply bivariate and multivariate linear regression models.

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Resources: Microsoft Excel®, DAT565_v3_Wk5_Data_File

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)

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 Offices

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?

FloorArea (Sq.Ft.) | Offices | Entrances | Age | AssessedValue ($’000) | |

4790 | 4 | 2 | 8 | 1796 | |

4720 | 3 | 2 | 12 | 1544 | |

5940 | 4 | 2 | 2 | 2094 | |

5720 | 4 | 2 | 34 | 1968 | |

3660 | 3 | 2 | 38 | 1567 | |

5000 | 4 | 2 | 31 | 1878 | |

2990 | 2 | 1 | 19 | 949 | |

2610 | 2 | 1 | 48 | 910 | |

5650 | 4 | 2 | 42 | 1774 | |

3570 | 2 | 1 | 4 | 1187 | |

2930 | 3 | 2 | 15 | 1113 | |

1280 | 2 | 1 | 31 | 671 | |

4880 | 3 | 2 | 42 | 1678 | |

1620 | 1 | 2 | 35 | 710 | |

1820 | 2 | 1 | 17 | 678 | |

4530 | 2 | 2 | 5 | 1585 | |

2570 | 2 | 1 | 13 | 842 | |

4690 | 2 | 2 | 45 | 1539 | |

1280 | 1 | 1 | 45 | 433 | |

4100 | 3 | 1 | 27 | 1268 | |

3530 | 2 | 2 | 41 | 1251 | |

3660 | 2 | 2 | 33 | 1094 | |

1110 | 1 | 2 | 50 | 638 | |

2670 | 2 | 2 | 39 | 999 | |

1100 | 1 | 1 | 20 | 653 | |

5810 | 4 | 3 | 17 | 1914 | |

2560 | 2 | 2 | 24 | 772 | |

2340 | 3 | 1 | 5 | 890 | |

3690 | 2 | 2 | 15 | 1282 | |

3580 | 3 | 2 | 27 | 1264 | |

3610 | 2 | 1 | 8 | 1162 | |

3960 | 3 | 2 | 17 | 1447 | |

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