Step 1: Read
Review Case Problem: Predicting Winnings for NASCAR Drivers
Step 2: Do
Run a Regression for the Data File NASCAR (Chapter) using the video How to Add Excel's Data Analysis ToolPak for assistance.
In a managerial report,
Suppose you wanted to predict Winnings ($) using only the number of poles won (Poles), the number of wins (Wins), the number of top five finishes (Top 5), or the number of top ten finishes (Top 10). Which of these four variables provides the best single predictor of winnings?
Develop an estimated regression equation that can be used to predict Winnings ($) given the number of poles won (Poles), the number of wins (Wins), the number of top five finishes (Top 5), and the number of top ten (Top 10) finishes. Test for individual significance, and then discuss your findings and conclusions.
Step 3: Discuss:
What did you find in your analysis of the data? Were there any surprising results? What recommendations would you make based on your findings? Include details from your managerial report to support your recommendations.
Guided Response: In a minimum of 100 words each, respond to at least two of your fellow students' posts in a substantive manner, and provide information that they may have missed or may not have considered regarding the application of Multiple Regression in business and economics. Do you agree with their conclusions? Why or why not?