Consider the regression model of Exercise 12-3 attempting to predict the percent of engineers in the workforce from various spending variables.

(a) Are any of the variables useful for prediction? (Test an appropriate hypothesis).

(b) What percent of the variation in the percent of engineers is accounted for by the model?

(c) What might you do next to create a better model?

Estimate 1.051e+00 1.567e-01 9.514e-02 3.910e-02 Std. Error t value Pr(>|t|) 6.708 2.5e-08 *** (Intercept) Venture cap 0.0189 * 2.433 0.286 0.7763 State funding 4.106e-06 1.437e-05 Higher.eD -1.673e-01 2.595e-01 -0.645 0.5223 Residual standard error: 0.3007 on 46 degrees of freedom Multiple R-squared: 0.1622, Adjusted R-squared: 0.1075 F-statistic: 2.968 on 3 and 46 DF,p-value: 0.04157