A jewelry firm wants to submit a bid to purchase a large collection of diamonds but is uncertain how much it should bid. You will use the results from a predictive model to make a recommendation on how much the jewelry company should bid for the diamonds.
A diamond distributor has recently decided to exit the market and has put up a collection of diamonds up for auction. Seeing this as a great opportunity to expand its inventory, a jewelry firm is interested in making a bid. To determine how much to bid, the firm’s analytics department will use a large database of diamond prices to build a multiple regression model to predict the price of a diamond based on its attributes.
As the business analyst, you are tasked to build the regression model and apply that model to make a recommendation for how much the company should bid for the entire collection of diamonds.
To complete this assignment, you will be submitting a file in Word using an APA 7th report format to provide the answers to the following questions across five steps.
Step 1 – Research and Reflect:
Step 2 – Understanding the Model:
There are two datasets.
[NOTE: The actual data files will be named and uploaded in Canvas by your professor.]
Both datasets contain carat, cut, and clarity data for each diamond. Only the diamonds dataset has prices.
Using Excel, build the multiple regression model using the diamonds dataset.
Step 3 – Calculate the predicted price for each diamond: Using the new diamonds dataset, for each diamond, plug in the values for each of the variables into the model (equation), then solve the equation to get the estimated, or predicted diamond price.
Step 4 – Visualize the Data: Create two scatter diagrams (or scatter plot).
Step 5 – The Recommendation: Now that you have the predicted price for each diamond, it’s time to calculate the bid price for the whole set. Note: The diamond price that the model predicts represents the final retail price the consumer will pay. The company generally purchases diamonds from distributors at 70% of that price, so your recommended bid price should represent that. What bid do you recommend for the jewelry company? Please explain how you arrived at that number.
Reference textbook: Chapter 1,4,5,6,7
Render, B., Stair, R. M., Hanna, M. E., & Hale, T. S. (2017). Quantitative Analysis for Management (13th Edition). Pearson Education (US).
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