Learn about how to interpret and use output from data analysis based on example data.
- [Instructor] While helping Ed to analyze the expected…value of a commercial property his firm is thinking…of buying we ran a regression analysis.…The regression analysis has several key features of interest…the first of these is a coefficient.…Recall that coefficients determine the predicted effect…one variable has on another.…In other words the coefficient value tells us the impact…of a one unit change in the right hand side variable,…on the left hand side variable.…
What that means is what impact does a one unit change…in our X have on our Y?…We also looked at the significance and standard errors.…Typically in a regression analysis we measure significance…for standard error through a T-stat and P value.…Larger T-statistics indicate greater significance…for a a particular variable,…and tell us that we have a stronger regression.…We also looked at R-squared values.…
The level of the R-squared, ranging from zero to one,…tells us how good the regression is at analyzing…the data we are looking at.…In particular a regression with an R-squared value of 1.0…
Professor Michael McDonald demonstrates how to harness the wealth of information available on the Internet to forecast statistics such as industry growth, GDP, and unemployment rates, as well as factors that directly affect your business, like property prices and future interest rate hikes. All you need is Microsoft Excel. Michael uses the built-in formulas, functions, and calculations to perform regression analysis, calculate confidence intervals, and stress test your results. He also covers time series exponential smoothing, fixed effects regression, and difference estimators. You'll walk away from the course able to immediately begin creating forecasts for your own business needs.
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- Understanding big data and economic forecasting
- Predicting values with regressions
- Analyzing economic trends and economic cycles
- Using fixed-effects regressions and binary regressions for forecasting
- Assessing the accuracy of an economic forecast
- Using scenario analysis