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Interpreting the multiple regression analysis for the given MINITAB output

The district manager of Jasons, a large discount electronics chain, is investigating why certain stores in her region are performing better than others. She believes that 3 factors are related to total sales: the number of competitors in the region, the population in the surrounding area, and amount spent on advertising. From her district, consisting of several hundred stores, she selects a random sample of 30 stores. For each store she gathered the following information.

 

Y =

total sales last year (in $ thousands).

X1 =

number of competitors in the region.

X2 =

population of the region (in millions).

X3 =

advertising expense (in $ thousands).

 

The sample data were run on MINITAB, with the following results.

Analysis of variance

SOURCE

DF

SS

MS

Regression

3

3050.00

1016.67

Error

26

2200.00

84.62

Total

29

5250.00

Â

Predictor

Coef

StDev

t-ratio

Constant

14.00

7.00

2.00

X 1

-1.00

0.70

-1.43

X 2

30.00

5.20

5.77

X 3

0.20

0.08

 

 

a)    What are the estimated sales for the Bryne store, which has 4 competitors, a regional population of 0.4 (400,000), and advertising expense of 30 ($30,000)?

b)     find out the R2 value.

c)      find out the multiple standard error of estimate.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M918087

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