Correlation And Regression Worksheet Psych 625

Correlation And Regression Worksheetpsych625 V

Complete the questions below in at least 90 words. Be specific and provide examples when relevant. Cite any sources consistent with APA guidelines. Question Answer Draw a scatterplot of each of the following: · A strong positive correlation · A strong negative correlation · A weak positive correlation · A weak negative correlation Give a realistic example of each. TASK ONE HERE TASKE TWO HERE What is the coefficient of determination? Why is it important to know the amount of shared variance when interpreting both the significance and the meaningfulness of a correlation coefficient? TASK THREE If a researcher wanted to predict how well a student might do in college, what variables do you think he or she might examine? What statistical procedure would he or she use? TASK FOUR What is the meaning of the p value of a correlation coefficient? TASK FIVE Project Management Plan November 28, 2017 Project Management Plan: Project Charter Being the project manager and mandated with the task of developing the transformation of a regular general Target Store into a target supercenter store, I will be able to develop build a project charter for the process. Project Description Problem The proposed project will be a large project that will transform the current Target Store into a supercenter store. We have noticed with great concern that our company need to expand in terms of merchandise. This can only happen when the company has enough storage of merchandise. We therefore need to build a Target Supercenter Store that will enable the company to attract a pool of customer hence increasing the profit margin and revenues. The new target supercenter will involve expansion of the current store from just one floor building into a 3 floor building. The project is estimate to run for a period of one year and the total cost is budgeted to cost the company to about $7,000,000. Result Statement After successful completion of the project the company will immensely benefit in terms of increase storage of merchandise. With the increase of space the company will be able to stock more products hence, attracting more customers. Consequently, the revenue and profit margin will substantially increase. The image of the company will also be boosted resulting to a competitive advantage against the competitors. Project Mission Justification The mission of the project will be to build a modern Target Supercenter store with ability to store large amounts of merchandise by use of the company’s revenue, which will be completed in the stipulated time frame (Kerzner, 2017). The new store is supposed to solve the current storage problem and must conform to the current standards of supercenter stores. The cost of the store is expected to not deplete the company’s revenue. It should use a reasonable amount of revenues that will not paralyze the company’s operations. Eventually, the project should be completed in the stipulated time to avoid any additional financial and other resource constraints. Project Scope Statement The main goal of project will be to build the supercenter store that will have enough space to store a large number of merchandise. The project objective is to implement building of this store in the time given and use the revenue allocated but the finance department. The project will be estimated to undergo three major phases. The first phase which is projected to run for a period of three months is the ground excavation and foundation building. The project team will hire the earth movers to facilitate the ground excavation for the site where the project will be built. The companies engineer will be given the task of getting the best company to oversee the process. The foundation building will be planned for and the team’s mechanical engineer will be mandated to ensure a firm foundation is built. The cost of excavation and building the foundation is estimated to cost about $1,000,000. The second phase of the project is to build the three floors and it is estimated to last for 4 months. The materials that will be required such as building cement, sand, ballast, building blocks among others will be purchased by the project procurement manager. The team will hire the best civil mechanical and water engineers to undertake the process (Nicholas & Steyn, 2017), this will to cost the company $4,000,000 inclusive of labor and material costs. Final phase of the project will be the roofing, interior design and painting, lasting for a period of two months costing the company $2,000,000 or more dollars. The entire stake holders in the project team will be given various tasks to ensure successful completion of the project. The project manager will ensure that all the process run smoothly by availing all the resources required in all phases of the project. The finance officer will ensure accountability of the project fund. Project procurement officer will be mandated with purchasing of all the materials. In the team we will also have a risk manager who will assist in forecasting of potential hazards that may affect successful completion of the project. Major Deliverables The major deliverable of the this project will be Engineering report, Proposal, Design drawings, Design documents, Technical interpretation, Site investigation report ,Design review Tender document for material suppliers, new equipment or tools, Strategic report, Progress, Usability report. All these deliverable will be very crucial for the expansion of the store. High-level Milestones for Significant Events Some of high level milestones in this project will be completion of ground excavation to ensure the foundation is initiated. Another milestone will be the issue of certificate to undertake the project from the federal construction authority and city council. The major milestone of the project will be completion of the super center store and start of operations. Applicable Technical Requirements The major technical requirements to ensure that the building of the store will be successful will include the availability of the required building material, availability of certified architectures and engineers, compliance with the building authorities and city councils and the availability of semi-skilled labor in the construction site. Project Constraints The transformation of a Target Store into a super center store project will be faced with constraints such as limited number of qualified personnel, accreditation costs. The project might be completed late than the stipulated time causing extra financial costs. Weather and technological dynamics might also affect the completion of the project. Finally the dollar changes might affect the budgeted cost of the project negatively. References Kerzner, H. (2017 ). Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance . John Wiley & Sons. Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and technology. Taylor & Francis. Announcements - Project Budget (MS Excel) Heads-Up Class, Your course syllabus states the following requirement regarding your Week 2 project budget. Using Microsoft Excel, create a time-phased project budget containing cost estimates. Include direct and indirect costs for labor, machinery, equipment, supplies, and other elements applicable to the project. Unfortunately, none of our course readings for Week 1 or Week 2 covers this topic. With that in mind I am providing an example of time phased budgeting. Please make sure your Excel Spreadsheet budget attachment for Week 2 is in this format. Time Phased (Project Lifecycle) Project Budget Project Initiation Project Planning Project Execution Project Shutdown Category Expense Totals Expense Category 1 Expense 1 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense 2 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense 3 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense Category 2 Expense 1 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense 2 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense 3 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense Category 3 Expense 1 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense 2 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense 3 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense Category 4 Expense 1 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense 2 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Expense 3 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Total Project Initiation Cost $ 0.0 Total Project Planning Cost $ 0.0 Total Project Execution Cost $ 0.0 Total Project Shutdown Cost $ 0.0 Total Project Cost $ 0.0 Projects costs are recorded in the Lifecycle Phase they are budgeted. The advantage of this budget format is that it gives the finance department an accurate investment time line. Remember that project spending is not linear with most of the spending happening in the execution phase.

Paper For Above instruction

The correlation coefficient is a statistical measure that indicates the strength and direction of a linear relationship between two variables. It ranges from -1 to +1, where +1 denotes a perfect positive relationship, -1 signifies a perfect negative relationship, and 0 indicates no relationship. Visualizing these relationships can be effectively done through scatterplots, which depict data points and reveal the nature of correlation. For example, a strong positive correlation might be observed between hours studied and exam scores, with points tightly clustered along an upward-sloping line. Conversely, a strong negative correlation could be between the number of absences and academic performance, showing a downward trend.

Similarly, weak correlations are characterized by a scattered data pattern with points loosely aligned. A weak positive might be the correlation between shoe size and intelligence quotient, where the scatterplot shows little to no discernible trend, and a weak negative might be between caffeine intake and sleep quality, suggesting minimal relationship. Recognizing these examples helps interpret real-world data and understand variable interactions. The coefficient of determination (R²) reflects the proportion of variance in the dependent variable that can be predicted from the independent variable, explaining how well the regression line fits the data. For instance, an R² of 0.81 indicates 81% of the variance in test scores can be explained by study hours, implying a strong predictive relationship.

Understanding shared variance via R² is vital because statistical significance alone does not confirm practical relevance. High shared variance emphasizes the strength of the relationship, making the findings more meaningful for predictions. A correlation might be statistically significant, but if shared variance is low, the variable’s predictive power is limited, reducing its usefulness in real-world applications. In educational research, variables like GPA, attendance, socioeconomic status, and study habits are examined to forecast college performance. The typical statistical procedure would involve linear regression analysis, which models the relationship between one dependent variable and multiple independent variables, facilitating predictions based on these factors.

The p-value associated with a correlation coefficient tests the null hypothesis that there is no relationship between the variables in the population. A small p-value (usually less than 0.05) indicates strong evidence against the null hypothesis, suggesting that the observed correlation is statistically significant and unlikely due to random chance. Conversely, a large p-value implies that the correlation could be a result of random variation, emphasizing the need for cautious interpretation of the results. Proper understanding of p-values ensures accurate conclusions about the significance and potential real-world implications of the observed relationships.

Beyond correlations, project management plays a key role in executing large-scale organizational changes. The project management plan, exemplified by transforming a Target Store into a supercenter, involves comprehensive planning, scope definition, milestone setting, and resource allocation. The process begins with identifying a problem—in this case, limited storage and product diversity—followed by establishing objectives such as expanding the store vertically over a year within a $7 million budget. Critical milestones include ground excavation, obtaining permits, and final store completion, each requiring meticulous scheduling and resource management.

The scope encompasses phases like foundation work, building floors, roofing, and interior finishing, with technical requirements ensuring adherence to safety and building standards. Constraints include weather, labor availability, technological changes, and budget fluctuations. A detailed project charter aligns stakeholders, defines deliverables like engineering reports and design documents, and assigns responsibilities. Effective project management relies on continuous monitoring, risk management, and budgeting, exemplified by detailed Excel-based cost tracking. Such strategic planning not only guarantees timely completion but also optimizes resource utilization and minimizes risks.

References

• Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons.
• Nicholas, J. M., & Steyn, H. (2017). Project management for engineering, business and technology. Taylor & Francis.
• Field, A. (2013). Discovering statistics using IBM SPSS statistics. Sage Publications.
• Gravetter, F. J., & Wallnau, L. B. (2017). Statistics for behavioral sciences. Cengage Learning.
• Shmueli, G., Bruce, P. C., Gedeck, P., & Patel, N. R. (2016). Data science for business: What you need to know about data mining and data-analytic thinking. O'Reilly Media.
• Tabachnick, B. G., & Fidell, L. S. (2013). Using multivariate statistics. Pearson.
• Neuman, W. L. (2014). Social research methods: Qualitative and quantitative approaches. Pearson.
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