Abstract: This presentation discusses Multiple Regression and Real Estate.
Multiple linear regression is a powerful tool in both DMAIC and DFSS problem solving because there is small likelihood that only one input variable completely controls the output variable. While the practitioner's first choice should always be a designed experiment, sometimes constraints on data collection will not allow for a designed experiment to be executed. In situations like this, a multiple regression study can be very beneficial to determine the direction and strength of the relationships between the input variables and the output variables. Multiple regression can also be used for prediction and optimization, similar to a designed experiment. This session focuses on how to run a multiple regression study from data collection to the analysis and how to avoid common pitfalls. To illustrate the power of multiple linear regression, real estate data in southeast Michigan will be analyzed to generate a predictive model for list price based on characteristics of a property. Use your statistics knowledge to your advantage—know what price to pay and what price to command. Crush the real estate market with multiple linear regression.
About Scott: Scott Sterbenz is a Master Black Belt at Ford Motor Company, using Six Sigma methods to solve quality and customer satisfaction issues. Scott is also a Technical Adviser for the United States Bowling Congress, bowling's governing body. There, he helps develop test plans and analysis methods to set specifications for bowling equipment and conducting ground-breaking research. A Professional Engineer, Scott holds a bachelor's and master's degree in Mechanical Engineering from Wayne State University in Detroit—valedictorian in both programs. For over twenty years, Scott has taught high school and college level mathematics to middle school students as part of the MathCOUNTS competition series. An avid mountain biker, Scott cycles nationwide for multiple charities. He is also an accomplished bowler, with thirteen certified 300 games and a high certified three-game series of 853.