question !!

#1
I am helping my niece in explaining regression analysis by studying by myself and finding problems and trying to solve those. one of the problem has following questions:
Build a regression model to predict the house selling price. Explain your thinking and your analytical process.Discuss any additional steps you would like to perform if you had more time for your analysis (and why those steps would be important) What is Regression model equation ?

How do you answer this question ? For e.g. predicitng house price, what variable should be consider, any suggestion ?
i am more baffled by 2nd part of the question "Discuss any additional steps you would like to perform if you had more time for your analysis (and why those steps would be important)"

i though we take all the steps to build the optimize model, what does mean additional step would have perform ?

any assist will be great in understanding question
 

hlsmith

Omega Contributor
#2
House size, age, ammnenitties, etc. agreed, ideally you would do all of the approaches the first time, unless perhaps this was an exam question which had time restraints.
 
#3
thanks for answer,
even if there is a time limitations, what additional steps could have been performed ??

also with variables, no.1 of bedrooms,bath, house size etc are common variables but what are the critical variables anyone would be considering when buying the house or predicting the value of the house ?
 

rogojel

TS Contributor
#4
hi,
I analysed a similar dara-set once , and the environment was very important -how close the house is to public transport, highway, school etc. Introspection definitely confirmed that ;)

As for additional steps - there are many , but I would look at non-linear realationships first.
regards
 
#5
i don't think the question is what other variable can be consider if there was more time available.

question is what additional steps could have been taken to make better model if there was more time.

also if any other custom variable can be made if sqr feet, no. of bedroom,houseprice, a/c,basement,land area,fireplace,garage etc information is given?