LSP 120: Quantitative Reasoning and Technological Literacy Section 118 Özlem Elgün.

Slides:



Advertisements
Similar presentations
Regression Analysis Once a linear relationship is defined, the independent variable can be used to forecast the dependent variable. Y ^ = bo + bX bo is.
Advertisements

LSP 120: Quantitative Reasoning and Technological Literacy Topic 1: Introduction to Quantitative Reasoning and Linear Models Prepared by Ozlem Elgun1.
5-7: Scatter Plots & Lines of Best Fit. What is a scatter plot?  A graph in which two sets of data are plotted as ordered pairs  When looking at the.
Week 1 LSP 120 Joanna Deszcz.  Relationship between 2 variables or quantities  Has a domain and a range  Domain – all logical input values  Range.
LSP 120: Quantitative Reasoning and Technological Literacy Topic 1: Introduction to Quantitative Reasoning and Linear Models Prepared by Ozlem Elgun1.
LSP 120: Quantitative Reasoning and Technological Literacy Section 118 Özlem Elgün.
LSP 120: Quantitative Reasoning and Technological Literacy Section 202
Prepared by Ozlem Elgun
LSP 120: Quantitative Reasoning and Technological Literacy Section 118 Özlem Elgün.
Linear Modeling-Trendlines  The Problem - Last time we discussed linear equations (models) where the data is perfectly linear. By using the slope-intercept.
LSP 120: Quantitative Reasoning and Technological Literacy Section 903 Özlem Elgün.
Regression Analysis. Unscheduled Maintenance Issue: l 36 flight squadrons l Each experiences unscheduled maintenance actions (UMAs) l UMAs costs $1000.
LSP 120: Quantitative Reasoning and Technological Literacy Section 118 Özlem Elgün.
Excellence Justify the choice of your model by commenting on at least 3 points. Your comments could include the following: a)Relate the solution to the.
Gordon Stringer, UCCS1 Regression Analysis Gordon Stringer.
1 Business 260: Managerial Decision Analysis Professor David Mease Lecture 1 Agenda: 1) Course web page 2) Greensheet 3) Numerical Descriptive Measures.
LSP 120: Quantitative Reasoning and Technological Literacy
What is a linear function?
LSP 120: Quantitative Reasoning and Technological Literacy Section 903 Özlem Elgün.
LSP 120: Quantitative Reasoning and Technological Literacy Topic 1: Introduction to Quantitative Reasoning and Linear Models Prepared by Ozlem Elgun1.
RESEARCH STATISTICS Jobayer Hossain Larry Holmes, Jr November 6, 2008 Examining Relationship of Variables.
AP Statistics Chapter 8: Linear Regression
LSP 120: Quantitative Reasoning and Technological Literacy Section 903 Özlem Elgün.
Linear Functions and Modeling
Correlation & Regression
Types of Graphs Creating a Graph With Microsoft Excel.
Forecasting using trend analysis
Linear Regression.
Introduction to Linear Regression and Correlation Analysis
GCSE Data Handling Coursework 1 Examining the Data examine carefully the data you are given it’s important to get a feel for the raw data before you use.
STATISTICS: BASICS Aswath Damodaran 1. 2 The role of statistics Aswath Damodaran 2  When you are given lots of data, and especially when that data is.
Linear Trend Lines Y t = b 0 + b 1 X t Where Y t is the dependent variable being forecasted X t is the independent variable being used to explain Y. In.
1 Least squares procedure Inference for least squares lines Simple Linear Regression.
Unit 3.1 Scatter Plots & Line of Best Fit. Scatter Plots Scatter Plots are graphs of (X,Y) data They are constructed to show a mathematical relationship.
Least-Squares Regression Section 3.3. Why Create a Model? There are two reasons to create a mathematical model for a set of bivariate data. To predict.
© Copyright McGraw-Hill Correlation and Regression CHAPTER 10.
LSP 120: Quantitative Reasoning and Technological Literacy Topic 2: Exponential Models Lecture notes 2.1 Prepared by Ozlem Elgun1.
Example 13.2 Quarterly Sales of Johnson & Johnson Regression-Based Trend Models.
Correlation The apparent relation between two variables.
LSP 120: Quantitative Reasoning and Technological Literacy Topic 1: Introduction to Quantitative Reasoning and Linear Models Lecture Notes 1.3 Prepared.
Quick Start Expectations 1.Fill in planner and HWRS HW: p. 98, #4-5, Get a signature on HWRS 3.On desk: calculator, journal, HWRS, pencil, pen.
Do Now Log on to laptops Open your group’s data Copy and paste your data into Excel.
Chapter 8: Simple Linear Regression Yang Zhenlin.
LSP 120: Quantitative Reasoning and Technological Literacy Topic 1: Introduction to Quantitative Reasoning and Linear Models Lecture Notes 1.2 Prepared.
.  Relationship between two sets of data  The word Correlation is made of Co- (meaning "together"), and Relation  Correlation is Positive when the.
Linear Best Fit Models Learn to identify patterns in scatter plots, and informally fit and use a linear model to solve problems and make predictions as.
Going Crackers! Do crackers with more fat content have greater energy content? Can knowing the percentage total fat content of a cracker help us to predict.
Scatter Plots and Lines of Fit
The relationship between cost and home sales
Part II: Two - Variable Statistics
Fitting Equations to Data
Inference for Least Squares Lines
Splash Screen.
CHAPTER 3 Describing Relationships
Building Linear Models from Data
SIMPLE LINEAR REGRESSION MODEL
Splash Screen.
Correlation and Regression
Welcome to LSP 120 Dr. Curt M. White.
Unit 3 – Linear regression
3 4 Chapter Describing the Relation between Two Variables
LSP 120: Quantitative Reasoning and Technological Literacy
Splash Screen.
Scatter Plots Unit 11 B.
Algebra Review The equation of a straight line y = mx + b
Creating a Graph With Microsoft Excel
5/30/2019 Charts and Graphs William Klingelsmith William Klingelsmith.
Draw Scatter Plots and Best-Fitting Lines
Chapter 14 Multiple Regression
Presentation transcript:

LSP 120: Quantitative Reasoning and Technological Literacy Section 118 Özlem Elgün

Linear Modeling-Trendlines The Problem - In the “real world” most data is not perfectly linear. How do we handle this type of data? The Solution - We use trendlines Why - If we find a trendline that is a good fit, we can use the equation to make predictions

Five guidelines to see if the trendline a good fit for the data Guideline 1: Do you have at least 7 data points? Guideline 2: Does the R 2 value indicate a relationship? Reminder: R 2 is the percentage of variance of y that is explained by our trendline. It is a standard measure of how well the trendline fits the data. Guideline 3: Verify that your trendline fits the shape of your graph. Guideline 4: Look for outliers Guideline 5: Use practical knowledge/ common sense to evaluate your findings

Justifying your prediction in words Once we calculate the answer to the question, we cannot simply report the numbers. We need to present them in meaningful sentences that explain their meaning in their contexts. SAMPLE LEAD SENTENCES “If the trend established from persists, we expect the Women’s world record to be seconds in “ SUPPORTING SENTENCES “We are confident in our prediction because the r-squared value of shows that the data has a strong/ moderate/weak linear relationship. Even though in the long term we expect the rate of change in women’s mile records to decrease and not stay constant, we expect that in the very near future the linear trend should continue, giving us confidence in our prediction. ITEMS THAT MIUST BE POINTED OUT WHEN APPLICABLE Reason for using less than 7 data points. Omitting any single data point. Focusing on a localized linear trend. Continuing to predict a higher amount when they trend actually decreases (or the opposite). I

Adding a Trendline (in Excel 2007) Open the file: MileRecordsUpdate.xls and calculate the slope (average rate of change) in column H for Men’s World records in the Mile Run.MileRecordsUpdate.xls Is this men’s data perfectly linear? Can you use a linear model to describe the data? (Hint: Graph the data in a simple scatter plot) Create a graph with a trendline, title your graph appropriately. What would the men’s world record be in the year 2000? (Hint: in your calculations you need to use the SLOPE and INTERCEPT Excel functions, and use the linear equation.) Check you answer by extending the trendline to year (right click on trendline, under forecast, increase it forward by number of units you need to, to reach 2000). Does your trendline show a similar number as your prediction. Once you calculate your answers write your answers our in meaningful sentences, justifying your prediction in words. (Hint: report your prediction, the R-squared value, and any possible caveats.)