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Professor Proposes

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Submitted By kippark
Words 938
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Case: Professor Propose
Team Members: Eung Sung Min(2015-27114), Peter(Jong-Hyub) Park(2015-27117), Sung Eun Park(2015-27116), Ki Peum Park(2015-27115)
Statistics Team Assignment
2015-08-26

Questions 1. Which factor is the most important factor in deciding price? * Based on the equation (without wholesaler variable), the coefficient for carat is 3873.15, which is the highest coefficient among the variables. Therefore, we can conclude that the carat size is the most influential factor on the price. The increase of carat size would increase the price of 3,873 USD. (t-value of carat is approximately 64 and p-value of carat is <0.0001, signifying that the carat size is a significant factor). 2. Is the price of the diamond ring proper? | Observed Price (Y) | R2 | StErr of Estimate | Lowest value | Highest Value | With Wholesaler | 3003.83 | 0.97 | 203.85 | 2596.12 | 3411.54 | Without Wholesaler | 2491.49 | 0.94 | 290.99 | 1909.51 | 3073.47 | Wholesaler1 Equation | 2732.87 | 0.39 | 305.15 | 2122.55 | 3343.19 |

* One wholesaler dominates the certain range of carat. Therefore, we can claim that there is a relationship between the wholesaler and the size of carat. * If we eliminate the influence of wholesaler on the regression equation, 3,100 USD is not within the 95% confidence interval range. (The price range is between 1909.51 and 3073.47 USD).
However, if there is a wholesaler variable, the observed price increases to 3003.83 USD. In this case, since 3,100 USD is within the range of 95% confidence interval, we can conclude that the professor paid the proper amount of money for the ring. * As a result, 3,100 USD might be the reasonable price based on the characteristics of the professor’s engagement ring.
*We used the characteristics of the ring from the HBS’s case. (Symmetry = “Very Good”. 3. If we analyze the price of

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