1 In This Assignment You Will Propose Your Project Idea I Strongly Encourage You To Use Regression Analysis In Your P 1 (536.69 KiB) Viewed 18 times
1. In this assignment, you will propose your project idea. I strongly encourage you to use regression analysis in your project, which involves estimating how one variable affects another variable. For example, a research question might be: how do oil prices affect oil production in Utah? It is important to think about data availability when considering your topic. a. Write out your research question. Write a paragraph describing why this question is important, and why someone reading your project should be interested in the answer to this question. Describe how the answer to your research question could lead to actionable intelligence, e.g., how a reader could use your results to make a a more informed business or policy decision. b. Collect data for your research question, your data must contain at least 30 observations (you can always come back and collect more or different data later if you decide to). If doing regression analysis, this will mean you have at least two variables, which should be in two columns in Excel. Describe your data by explaining where it came from, and what the definitions of the variables are. For example, if I was doing the oil analysis described above, I might have monthly oil production observations from the state of Utah, which are available on the U.S. Energy Information Administration's website (eia.gov), and monthly oil price observations. c. Generate descriptive statistics for each of your variables. This can be done using the Data Analysis package in Excel. At the very least, this should include the mean, median, and standard deviation, min and max of each variable. Use Excel or Word to present the descriptive statistics in a presentable and readable format. Write a paragraph to go along with your descriptive statistics.
d. Use Excel to visually present your data with at least two charts. At least one of these charts will be a scatter plot with your independent variable on the horizontal axis, and your dependent variable on the vertical axis (If you are doing a simple regression). Add a trend line to the scatter plot and display the trend line on the chart. Write a paragraph or two describing the charts. Make sure to interpret the slope of the equation of the line that you displayed in your scatter plot. Make sure you explain your regression results and coefficient of interest. (i.e., coefficient of determination). The significance of your independent variables.
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