Predicting Used Car Prices in Detroit

This report is to analyze the information of used elevator car wakeless injurys in Detroit using eightfold reasoning backward analysis. The forecaster versatiles identified ar manufacturer (GM, Ford or DC), Year, era and machine lineament ( railroad car, Truck, SUV, caravan or other). The response protean is Price and we argon vent to analyze how well the preceding(prenominal) mentioned predictors help in identifying the variation in toll. A grating run of descriptive statistics with blow plots and normal curve plots suggests that price and mature domiciliate be pack windn as ordinarily distributed, with some outliers, as shown under: To start with the regression analysis, we for the first time checked the predictor variants to come up if thither atomic number 18 any(prenominal) related variables, so as to avoid the problem of multicolinearity. We golf-club that age and form are related with a coefficient of -1. Hence, we chose to take away year from the model, and take age as the predictor variable for further analysis. The former(a) variables, Manufacturer and Car Type are double star coded (shown below) they are categorical.

ManufacturerCar Type Reference=GMReference= opposite Car Type Example rule:Example Code: pretenceMgrDCFordModelCar TypeCarTruckSUVVan Astro LS V6GM00Astro LS V6Van0001 cirrhus LXi V6DC10Cirrus LXi V6Car1000 With the coded manufacturer, car type and age as predictors and price as the response, we ran the ten-fold regression analysis on the data and observed the pastime results: R² = 0.143 Adjusted R² = 0.133 R = 0.377 Std. Error = 8577.171 retroflection p-value from ANOVA table = 4.32E-18 p-value for shape up variable = 6.76E-09 1) R2 is very low, and at that place is a gap amidst R2 and Radj, which tells us that this model is not a very faithful fit, and that there might be more predictors than necessary in the model. 2) The regression p-value is quite small, which shows that the predictors are real enough for explaining the response. The more or less significant predictor seems to be age variable, with a...If you want to get a full essay, order it on our website: Ordercustompaper.com

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