Predictive multiple regression model Case Solution
Home value also plays an important role in the spending of the tickets. When people have a high value of the home that means they have high savings and they tend to go to stadiums. People with the home values, they do not tend to go to stadiums, they have fewer savings to spend on these things.
Co-efficient of this variable also shows that there is a positive relationship between the home value and spending on tickets. The coefficient of this variable is 0.0000186, it shows that if the value of home increases by 1 point then spending on tickets would increase by 0.0000186 points.
Reliability and validity of the model.
Reliability and validity of any model refer that how well the collected data and analysis support to the findings these independent variables. (I. Myrtveit, 2011)
The adjusted r-square is the best use for looking at the reliability and validity of the model. It is used for the estimation of dependent variables to the extent of the dependent variable. We have compared the relationship between spending on tickets which is dependent variable and other variables including education related to college, vocational and graduation, income value, home value, female and married or not are considered as an independent variable.(Nibler, 1984)
The R-square represents the variability and closeness towards the regression line. The R-square should be between 1% and 100%. The adjusted R-square is 2% of the variability of spending on tickets is explained by other variables including the education related to college, vocational and graduation, income value, home value, female and married or not. The regression model we made is not reliable as less r-square shows the independent variables do not explain the outcome satisfactorily.
Different researchers argued that logistic regression is more reliable than the multi regression model,they argued that the reliability and validity of the findings produced by multiple regression models are subject to the question.(Fang, 2013)
As multiple regression models rely on some critical assumption and sometimes data that we select violate that assumption and thus the findings of that model tend to be the subject of the question. This is why they have argued that logistic regression is more reliable than the multiple regression models.
How can the model be used to expand and increase ticket sales?
Companies can use this model to increase its ticket sales.As this model shows that college education has the highest coefficient as compare to the other variables, that means that companies can market its services while going to colleges and aware the college students regarding the services and benefits provided by the companies.
Companies should know about their target market as it helps them to market its services provided by the companies. This model shows, where the company can market its services and what its target market is……………..
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