Development and Interpretation Configure the regression tool to include the "4C's. INPUT Options: Perform a regression and inculde the column labels from the data table. OUPUT Options: Set the ouput on a New Worksheet Ply named Regression + Specify all residual options and the normal probability plot. Using Yellow highlight, highlight the cells that you referenced in your regression report to answer the questions below. [A] Linear Equation -- Develop a regression equation using the data provided based on the "4Cs" and estimate the market price of a diamond based on the parameters below (1 points + 2 for follow-on Q): Weight = 1.5 Carats Color Grade: E Clarity Grade: VS1 Cut Category: Good Use Excel to perform the above sumproduct computation. [B] Fit -- Determine the error and what proportion of the total variation in the market price of diamonds that the model's selected regression variables explain. (2 points) [C] Statistical Significance -- Determine which regression variables are statistically significant and determine which one (parameter) you would eliminate, if any, if it was necessary to further refine the model. (3 points) [D] Residual Analysis -- Determine which sample observation represents the best value from the buyer's perspective and the largest windfall from the seller's perspective (when sold). (2 points) [E] Statistical Inference --Detemine if the model developed from this set of sample data could be applied to the general population. Submission Part A (Step 2): Use the first link below to validate and interpret your model. (Max 10 points per above) Part B (Step 3): Once you are satisfied with your model, attach your worksheet using the second link below for the balance of credit. (Max 5 Points) Development and Interpretation Configure the regression tool to include the "4C's. INPUT Options: Perform a regression and inculde the column labels from the data table. OUPUT Options: Set the ouput on a New Worksheet Ply named Regression + Specify all residual options and the normal probability plot. Using Yellow highlight, highlight the cells that you referenced in your regression report to answer the questions below. [A] Linear Equation -- Develop a regression equation using the data provided based on the "4Cs" and estimate the market price of a diamond based on the parameters below (1 points + 2 for follow-on Q): Weight = 1.5 Carats Color Grade: E Clarity Grade: VS1 Cut Category: Good Use Excel to perform the above sumproduct computation. [B] Fit -- Determine the error and what proportion of the total variation in the market price of diamonds that the model's selected regression variables explain. (2 points) [C] Statistical Significance -- Determine which regression variables are statistically significant and determine which one (parameter) you would eliminate, if any, if it was necessary to further refine the model. (3 points) [D] Residual Analysis -- Determine which sample observation represents the best value from the buyer's perspective and the largest windfall from the seller's perspective (when sold). (2 points) [E] Statistical Inference --Detemine if the model developed from this set of sample data could be applied to the general population. Submission Part A (Step 2): Use the first link below to validate and interpret your model. (Max 10 points per above) Part B (Step 3): Once you are satisfied with your model, attach your worksheet using the second link below for the balance of credit. (Max 5 Points)
