Ashford BUS 640 Week 2 Discussion's Question 2

The given information can be summarised as follows:

SUMMARY OUTPUT

Note that R², known as the coefficient of determination of the model, provide the explanatory power of the model. R² = 0.8311 means that 83.11% of the variations in the model can be explained by the explanatory variable (the number of tickets sold in December in the present problem).

The F value of a regression equation provides idea about the overall significance of the regression model. The p value of the F ratio can be explained as the probability of wrongly rejecting the statistical significance. Hence, lower p values for a statistic (less than 0.05 in the case of 5% level test) indicate high statistical significance. Since the p –value is given as 0.0001 the model is statistically significant.

REGRESSION

The t value of a regression coefficient and the corresponding p value provide idea about the statistical significance of the regression coefficients.