Applied Statistics Project
Description
- Brief report (should be at least two pages)
- Use the template on Canvas
- Use the data on Canvas with your name
Problem
You are the owner of a small movie theater. Since you only have one screen, you need to decide which movie to show. You decide to run a regression analysis that seeks to explain daily ticket sales (in dollars) using the movie’s budget (in millions) and length (in minutes).
With your results, you want to predict the daily ticket sales for the following movies:
Inferno of Impact: has a budget of 98 million dollars and is 110 minutes long.
Triple Payback: has a budget of 65 million dollars and is 123 minutes long.
NOTE: for this project, it is okay if you extrapolate your prediction (i.e. predict outside of the relevant range of your data).
Your goal is to write a summary of the problem and your results, using the data provided. You want to:
- write an introduction: describe the problem, your methodology, and the data you will use.
- present descriptive statistics: report the minimum, maximum, average, and standard deviation for all variables.Include at least one scatterplot that shows the relationship between the dependent variable and an independent variable.
- write down a regression model: identify your dependent and independent variable(s) and write down the regression equation you are going to estimate.
- describe the results: you want to report:
- the overall F-statistic and what it implies
- the estimated coefficients
- the interpretation of coefficients
- statistical tests of the coefficients- i.e., formulate a null and alternative hypothesis for whether a coefficient is statistically significant, and then report the results.
- the predicted ticket sales for both movies
- write a conclusion: summarize what you did, and which movie you chose to show
Tutor Answer
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