Question: Examine the residual plots produced by Excel for the Salaries
Examine the residual plots produced by Excel for the Salaries multiple regression model that you built for Develop Your Skills 14.2, Exercise 5, which included years of postsecondary education and years of experience as explanatory variables. Are these residual plots consistent with the required conditions? Create a plot of the residuals versus predicted salaries. Does this plot meet the required conditions?
Answer to relevant QuestionsAn insurance company with a number of branch offices across the country has designed a diary system for salespeople, which is designed to increase their pro ductivity. The diary system is colour-coded: green is for time ...Create histograms of the residuals for the models discussed in Exercises 6, 7, and 8 above. Do these histograms appear to be at least approximately normal? Use the model you decided was best for the Marks data to predict the final exam mark of a student who received a mark of 55 on Assignment 1, 60 on Test 1, 65 on Assignment 2,70 on Test 2,and 95 on the quizzes. Refer to the Excel output shown in Exhibit 14.32 above. Is the overall model significant? You will have to estimate the p-value from the tables at the back of the text. Use a 5% level of significance. Use Excel to create all possible Marks models, and then consider those that have two explanatory variables. Note that there are 10 such models. Which of these models is best, and why? Is this model a real improvement on the ...
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