The file P02_12.xlsx includes data on the 50 top graduate programs in the United States, according to a recent U.S. News & World Report survey. Columns B, C, and D contain ratings: an overall rating, a rating by peer schools, and a rating by recruiters. The other columns contain data that might be related to these ratings.
a. Find a table of correlations between all of the numerical variables. From these correlations, which variables in columns E–L are most highly correlated with the various ratings?
b. For the Overall rating, run a regression using it as the dependent variable and the variable (from columns E–L) most highly correlated with it. Interpret this equation. Could you have guessed the value of R2 before running the regression? Explain. What does the standard error of estimate indicate?
c. Repeat part b with the Peers rating as the dependent variable. Repeat again with the Recruiters rating as the dependent variable. Discuss any differences among the three regressions in parts b and c.