You plan to develop a regression model to investigate how various factors influence academic salaries.

Before you conduct any regression analysis, you use Excel to construct a correlation matrix of all the quantitative variables in the dataset. Based on the correlation matrix, comment briefly on the associations between Salary and other quantitative variables

You conduct a stepwise regression according to the following procedure:

Step 1: Gender only

Step 2: Gender and School

Step 3: Gender, School and Rank

Step 4: Gender, School, Rank and Years of Service

Step 5: Gender, School, Rank, Years of Service and Age

Choice of reference variable: It is recommended that you choose Health and ASSO as the reference variables for the categorical variables: School and Rank.

Present the regression output for each of the five steps.

Faculty ID	Age	Years of Service	Rank	School	Gender M/F	Salary ($/year)
1	49	22	ASST	BUSINESS	F	106632
2	31	0	ASST	BUSINESS	F	80000
3	34	2	ASST	BUSINESS	F	114666
4	34	0	ASST	BUSINESS	F	112000
5	41	6	ASSO	BUSINESS	F	119962
6	28	0	ASST	BUSINESS	F	110000
7	58	23	ASSO	LIBERAL STUDIES	F	94376
8	52	22	ASST	LIBERAL STUDIES	F	83506
9	35	6	ASSO	LIBERAL STUDIES	F	81124
10	37	7	ASSO	LIBERAL STUDIES	F	75116
11	42	7	ASSO	LIBERAL STUDIES	F	83568
12	30	3	ASST	LIBERAL STUDIES	F	66958
13	57	23	PROF	LIBERAL STUDIES	F	111758
14	53	23	PROF	LIBERAL STUDIES	F	110750
15	26	0	ASST	LIBERAL STUDIES	F	74000
16	59	30	ASST	LIBERAL STUDIES	F	98926
17	39	4	ASST	LIBERAL STUDIES	F	66190
18	51	19	ASSO	LIBERAL STUDIES	F	95138
19	38	4	ASST	LIBERAL STUDIES	F	66190
20	54	21	ASSO	LIBERAL STUDIES	F	84870
21	43	17	ASSO	LIBERAL STUDIES	F	78460
22	35	0	ASST	LIBERAL STUDIES	F	56700
23	31	3	ASST	LIBERAL STUDIES	F	63666
24	41	6	ASSO	LIBERAL STUDIES	F	76908
25	31	1	ASST	LIBERAL STUDIES	F	62776
26	56	21	PROF	LIBERAL STUDIES	F	105900
27	43	18	ASSO	LIBERAL STUDIES	F	90310
28	48	20	ASSO	LIBERAL STUDIES	F	92424
29	49	21	ASST	HEALTH	F	95386
30	49	17	ASSO	HEALTH	F	87098
31	40	7	ASSO	HEALTH	F	74218
32	32	1	ASST	HEALTH	F	64800
33	37	4	ASST	HEALTH	F	71314
34	54	24	PROF	HEALTH	F	Answer rating: 100% (QA) data1readcsvfilechooseheaderT fulldatadata11 removing the ID variable attachfulldata The following o... View the full answer Related Book For   Quantitative Analysis for Management ISBN: 978-0132149112 11th Edition Authors: Barry render, Ralph m. stair, Michael e. Hanna See More Books Posted Date: Oct 09, 2018 06:31 AM See More Questions Students also viewed these mathematics questions You plan to develop a regression model to investigate how various factors influence academic salaries. Before you conduct any regression analysis, you use Excel to construct a correlation matrix of... A Buick dealership would like to develop a regression model that would predict the number of cars sold per month by a dealership employee based on the employees number of years of sales experience.... Use the following data to develop a regression model to predict y from x1 and x2. Comment on the output. Develop a regression model to predict y from x1 only. 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