Regression Case

The Mountain States Potato Company Case (p 600-601)

While answering the two questions, be sure to apply the techniques you are learning in chapters 13-15. Read ahead to chapter 15 , especially the model building roadmap found in Figure 15.14. Expect to run several regression models while looking for the best fit, using VIF, stepwise regression, best subsets analysis, residual analysis, Durbin-Watson, and other techniques to find the overall best regression model. Always check p-values of each regression coefficient. Any p-value ≥ .2 means you should discard that indep variable and re-run the model. Between .1 and .2 is questionable. Your answer to question 1 should include all relevant interim Excel spreadsheets and analysis leading to your final model, with an explanation of each step.

For your executive summary (question 2), assume the company president has a basic appreciation for analysis, but your work will need to be explained in non-statistical language. All recommendations must be justified, with likelihood of success. Remember no solution should take any of the independent variables outside their historical data range without very good reasons. And never use in your summary such words as: guarantee, proved, 100%, etc. Be clear, quantitative, and actionable.

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