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Multiple Linear Regression Model to Predict Ice Cream-sales

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Congratulation on getting a job as a data scientist at a well-known ice cream company! Your boss has just acquired data about ice cream sales in different cities of twocountries, and she is interested in learning how to increase sales. She is also interestedin learning something new about ice cream sales. So, she wants you to figure it all out.As part of this project, you will complete exploratory data analysis, hypothesis testing,modelling, and prediction.You are given a dataset on ice cream sales. The data is collected by surveying ice creamshops in two countriestemperature in a location in a location in Country A relative to the average temperaturein a location in a location in Country B. Test the hypothesis and explain the result. 

C. Modelling: Develop a multiple linear regression model to predict ice creamsales using all explanatory variables. The outcome variable and the explanatory variablescan be existing variables in the dataset or new variables you create based on existingvariables. 

Specifically, answer the following questions:

1. What is your regression equation?

2. What are the interpretations of all your coefficients?

3. All else being equal, what is the predicted difference between ice cream salesin a location in Country B in Spring compared to Autumn? How would thepredicted difference between ice cream sales in Spring and Autumn be inCountry A?

4. All else being equal, what is the predicted change in ice cream sales if the temperature goes up 5 degrees and price goes up by £0.25 at the same time?

5. What percentage of the variance is described by the model?

6. Is this model statistically significant at a 10% significance level?

7. What are the confidence intervals of coefficients on explanatory variables at a 95% confidence level? Explain what they mean.

8. Explain if your data meets the regression conditions.

D. Prediction: What is the predicted value of ice cream sales in a location in Country B where the average income of residents is £30,000 when the temperature is 3degrees in Winter, and the average price per serving of ice cream is £5? Also, quantify theuncertainty around this prediction using an appropriate interval at 90% confidence interval. 

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  • Posted on : January 06th, 2020

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