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1. BUS 308 Week 5 Final
Paper - New
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2. BUS 308 Week 5 Final Paper - New
Assignment Instructions:
A retail store has recently hired you as a consultant to advise on economic
conditions. One important indicator that the retail store is concerned about is
the unemployment rate. The retail store has found that an increase in the
unemployment rate will cause a lack of consumer spending in their stores. Retail
stores use the unemployment rate to estimate how much inventory to keep at their
stores, which is important in maintaining cost effectiveness. In this consultant
role you will apply calculations and research to create a predictive sales
report.
You will complete this project in two parts, but will submit your work as one
Word document. Copy and paste your calculations from your Excel workbook into
the Word document.
The Final Project must be eight to ten pages in length, excluding title page and
reference page(s) and must include at least three scholarly sources, in addition
to the Job and Labor Statistics site. Be sure to format your work in accordance
with APA guidelines outlined in the Ashford Writing Center.
Part I
Reference the data in this Excel workbook to complete the following quantitative
components of the predictive sales report. You will complete the calculations
below in your own Excel workbook and then copy and paste from your Excel
workbook into the Word document.
1. Calculate the mean yearly value using the average unemployment rate by month
found in the “Final Project Data Set.”
2. Using the years as your x-axis and the annual mean as your y-axis, create a
scatter plot and a linear regression line.
3. Answer the following questions using your scatter plot and linear regression
line:
a. Compute the slope of the linear regression line.
b. Identify the Y-intercept of the linear regression line.
c. Identify the equation of the linear regression line in slope-intercept form.
d. Calculate the unemployment rate in 2016, based on the linear regression line.
e. Calculate the residuals of each year.
f. Find the latest unemployment rate in your state. You will need to go to the
Bureau of Labor Statistics website (www.bls.gov) and hover over “Subject Areas”
in the top menu panel then select “State and Local Unemployment Rates” from the
drop down menu under “Unemployment Rate”. Determine whether the rate in your
state is within the range of the linear regression line or if it is an outlier.
g. Interpret your results of the model and explain how a company could use the
results to drive decision making.
PART II
Next interpret the analysis from Part I to complete the following qualitative
components of the predictive sales report:
1. Introduce the project and its significance to the retail store.
2. Reference the statistical analysis that you completed in Part I and explain
where the data came from, what type of analysis was done, what the findings
were, and whether or not you believe the data to be accurate.
3. Explain your data-driven conclusions regarding the effects of the changing
unemployment rate on the retail store.
4. Predict what could occur in the future that would change your linear
regression line and therefore your prediction of sales