Question: How do we use the dependent variable (labeled Y) and one of the independent variables (labeled X1, X2, and X3) in the data file. Selecting

How do we use the dependent variable (labeled Y) and one of the independent variables (labeled X1, X2, and X3) in the data file. Selecting and using one independent variable throughout this analysis on Excel to perform the regression and correlation analysis to answer the following.

  1. Help generate a scatterplot for the specified dependent variable (Y) and the selected independent variable (X), including the graph of the "best fit" line. Interpret.
  2. Determine the equation of the "best fit" line, which describes the relationship between the dependent variable and the selected independent variable.
  3. Determine the correlation coefficient. Interpret.
  4. Determine the coefficient of determination. Interpret.
  5. Test the utility of this regression model by completing a hypothesis test of =0 using =0.10. Interpret results, including the p-value.
  6. Based on the findings in steps 1-5, analyze the ability of the independent variable to predict the dependent variable.
  7. Compute the confidence interval for , using a 95% confidence level. Interpret this interval.
  8. Compute the 99% confidence interval for the dependent variable, for a selected value of the independent variable. Each of us can choose a value to use for the independent variable (using same value in the next step is advisable). Interpret this interval.
  9. Using the same chosen value for part (8), estimate the 99% prediction interval for the dependent variable. Interpret this interval.
  10. What can be said about the value of the dependent variable for values of the independent variable that are outside the range of the sample values? Explain.
  11. Describe a business decision that could be made based on the results of this analysis. In other words, how might the business operations change based on these statistical results.

It would be of great help if I can get a summarized result from Steps 1-11. Can the report be explained and interpreted to have the results in ways that are understandable to someone who does not know statistics (Pretty much that's me).

The data set is attached in an excel along with the question. It would be kind of you if I could also get the excel SS of the working for my understanding.

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