BUSS 1040-The head of business intelligence and analytics suggests
how to perform a Exploratory Data Analysis on the following: (Note: the actual question does not need answering at this stage i just need to perform an explanatory data analysis relevant to question below. The data has been attached for viewing.)
Q4) The head of business intelligence and analytics suggests that more explanatory variables may be included in a regression model to estimate residential natural gas prices. You suggest adding dummy variables for each grouping of months that has a “different” level of residential natural gas price. Using multiple regression analysis, fully examine the following questions:
What is the best of grouping of months that employs the minimum number of groups (and thus dummy variables) and achieves an acceptably accurate fit to the data? Compare (at least) the fit of the competing models that respectively employ 2 and 3 groups of months. Fully analyze, diagnose and discuss the best model you find.
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Solution: BUSS 1040-The head of business intelligence and analytics suggests