ECOM6003 : Predictive Analytics in Business - Variables in the Dataset - Economics Assignment Help

Assignment Task :

Submission Instructions: Students are required to clearly label the solution to each of the questions in this assessment. The code (where applicable) should be submitted as a separate file or notebook. The completed assessment will need to be submitted via email to the lecturer. Please refer to the Blackboard announcements for the due date and time. Please note that each question is worth 12.5 marks. The total marks for this assessment is 50 and it contributes 50% towards the final grade. Please ensure that appropriate commentary/reasoning (if required) is provided for all your solutions. 

Questions: 

1. The data set pcancer.data contains 97 observations on a prostate cancer marker (lpsa) and a number of clinical measures for men undergoing cancer treatment. The table below includes a brief description of the variables in the dataset. 

(i) Produce summary statistics and plots for the independent variables as well as the response variable. Provide commentary on these outputs. 

(ii) Extract the training data (where train = T) and estimate an OLS model using all of the variables. Provide detailed commentary on the model output. 

(iii) Run the estimated model from (ii) on the test data (train = F) and comment on the adequacy of the model. You may use your knowledge of diagnostic testing to suggest improvements for the model.

(iv) Estimate an OLS model using all of the data available i.e. all 97 observations. Comment on the model output. Compare this result to results in (ii) and (iii). 

(v) Estimate a model using the LASSO shrinkage method. Provide comments on how the tuning 1parameter was selected. Which of the variables were omitted? Compare these results to the OLS results in (iv). 

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