1. The HeatingOil.csv data set is successfully imported into R.
2. A linear regression model is correctly constructed in R and depicted and labeled in the Word document.
3. A complete and thorough explanation of the linear regression model is given. This includes a discussion of the model’s overall significance, coupled with explanation of the model’s coefficients and p-values.
4. A well-researched and meaningful summary of the linear regression model’s usefulness and relevance to the Home & Hearth scenario. A minimum of five relevant sources, not to include the course textbook nor the data set, are correctly cited in both the body of the Assignment submission and on the references page.
Must be completed in MS Word. All steps mus include an RStudio screenshot. Reference should be APA. The scenario for step 5 is below.
Home & Hearth is an American company that distributes heating oil for homes in rural areas across the country. These homes are remote enough that they cannot connect to natural gas services that are a normal part of town and city life. They must purchase heating oil to be delivered to their properties by truck, usually once or twice a month, though sometimes more frequently in colder months. Home & Hearth has been delivering heating oil to such homes all across America since in 1976. The company has a strong network of suppliers of crude oil, and owns its own refineries in eight regional locations around the country to process the crude into heating oil. Although it has more than forty years of experience, the company has been caught off guard from time to time with too little crude oil on-hand when demand for their heating oil has increased, sometimes due to new accounts, sometimes due to harsher or longer than expected winters in some areas. When winters are short or mild, the company is sometimes left with tens of thousands of gallons of crude or refined heating oil on-hand. Heating oil can turn rancid (unusable) if it is not used within a few months, though there are some preservation techniques that can extend the shelf life of heating oil by refrigeration. The price of oil seems to be changing all the time, which frustrates the company’s management as well. Over the years of their existence, oil burning stoves, furnaces, and hot water tanks have also become much more efficient, and the technology continues to improve. As cities and towns across America have continued to grow, some of their customers have gained access to natural gas hookups, but the company has also seen an influx of new customers moving to the country to escape the congestion and bustle of more metropolitan areas.