|Business and Economics
|Sources / references
|Description / paper instructions
Please read the “Requirement” carefully then write the paper.
The first work should be a word document includes 500-750 words.
The second part I think it should be an Excel document, but please read the “Requirement” carefully then do the work. Thank you
Using Multiple Linear Regression as a Method of Data Mining
Propose how one could use multiple linear regression in any one of the two industry sectors in Texas: (a) healthcareadministration or (b) higher education administration. To be more specific, for the healthcare sector, you will choose to focus on nursing homes or minor emergency facilities in Texas and try to discover ways to improve these healthcare businesses. Propose a data mining project, involving multiple linear regression, that can be useful for customers and or managers in these businesses or by nursing home administrators at the state or Federal level or by health insurance companies. Likewise, if you choose to focus on the higher education sector of the economy, your challenge will be to propose a data mining project, involving multiple linear regression, that can be useful for students in Texan colleges and universities, academic administrators in colleges and universities, the boards of regents, Texas Higher Education Coordinating Board, by the governor, and or by the legislators or any other stakeholders of higher education institutions in Texas.
Write a plan explaining how you could use at least one data mining method (e.g. multiple regression) to discover useful business intelligence to help managers or any other stakeholders make better decisions. In your plan, identify one important response variable (Y) and at least 5 predictors (X1, X2, X3, X4, X5) that can be used to predict the response variable using multiple linear regression. Briefly explain why you chose the particular response variable and why you chose each one of the predictors.
Comment on at least one visualization tool that you could use as part of your data mining plan.
What could be possible costs and benefits for the organization if this data mining plan is adopted and implemented? Write a cost benefit analysis that you can use to convince the top management of the organization to invest in adopting your data mining plan and implementing your data mining plan for the organization.
[Hints] Keep in your mind the data mining project involving the Boston Housing data to help you develop your proposal.
Word Limit: 500-750 words
Work on a Data Mining Problem
Use the Boston Housing data set to predict the median price of neighborhoods in the Boston area. Each student must use the same 300 records that your instructor has chosen as the training data set.
Discover the best performing model that uses 6 or fewer predictors. How did you choose the best predictors that are used in your model? Why do you think this model is the best model? What criteria did you use to choose the best model? Comment on the performance of your model in terms of its prediction accuracy and its prediction errors. Explain who can benefit from using this model and how they can benefit.
Submit a Word document where you explain your work and an Excel File containing the XLMiner output