The MBA program at Grayton University has undergone several changes over the past five years.During that time, the goal of the business school was to recruit as many students as possible into the MBA program in order to build up their student base and credit hour production.A massive campaign was launched five years ago to attract more applicants to the program.In the beginning the number of students applying to the MBA program was small, but eventuallythe advertising campaign began to work, and the number of qualified applicants each year increased to the target value of $150$ initially set by the Dean of Grayton's Business School and the directorof the MBA program.Trish McClellan, the director of the MBA program is currently putting the second phase of theplan into action. She knows that in order for the MBA program to attain national recognitionand to maintain its specialized accreditation, the Business School must become more selectivein the admission process.The major issue facing Trish McClellan is how to go about selecting students into the program.Current admission standards require a minimum score of $400$ on the GMAT and a minimum undergraduate GPA of $2\mathrm{.}0.$Use the MBA$\_$data for $202$ students who completed their first year in the MBA programover the past two years to help the MBA Admissions Committee develop admissionsguidelines.The MBA$\_$data file includes:Student ID $-$ unique identified of each studentMBA GPA $-$ Student's grade point average for the first year of coursework completed in the MBA programGMATScore on the GMAT testUG MajorUndergraduate Major$1$ if business undergraduate$2$ if science, engineering or other technical$3$ otherwiseUG School Rating$1$ if in the top $20\%$ of undergraduate schools$2$ if in the second $20\%$ of undergraduate schools$3$ if in the third $20\%$ of undergraduate schools$4$ if in the fourth $20\%$ of undergraduate schools$5$ if in the bottom $20\%$ of undergraduate schoolsAgeAge of the studentInternational Status$1$ if an international student$0$ if U$.$S$.$ residentTasks to complete$/$questions to address: $1$Based on the two years of data, which variable is the best single predictor of success in the Grayton MBA program $($as measured by the first year MBA GPA$)?2$For the model based on the "best" single predictor variable, compare the recorded MBA GPAs to the predicted GPAs. For how may students in the sample the actual MBA GPA is above $3\mathrm{.}25$ but the predicted graduate GPA is equal to or below that limit $(<=3\mathrm{.}25)?$ Hint: use Excel's conditional IF statement. $3$Develop a multiple regression model based on GMAT and undergraduate GPA as predictors of MBA GPA. Are both predictor variables statistically significant at the $\mathrm{.}05$ level $($alpha$=\mathrm{.}05)?$ Provide all necessary explanations and interpret the values of X coefficients. $4$One of the members of the committee suggested raising the minimum entrance requirements to $560$ on the GMAT and $2\mathrm{.}90$ for the undergraduate GPA. How many students based on the MBA$\_$data would have passed the new requirements? What $\%$ of current students would be rejected? Consider using IF $($with AND$)$ when answering this question. $5$What other independent $($predictor$)$ variables could be included in the predictive model used in making admissions decisions? Elaborate briefly. Prepare a team report using Microsoft Word and address each of the $5$ questions. Be thorough in your analysis. You may work with $2$ classmates on the case, one report per team should be printed and submitted at the beginning of class on due date. Your name and the names of your $2$ partners should be printed on each page $($create a header$).$ You will need to insert screenshots or copy the relevant information $($e$.$g$.$ summary outputs from the regression add$-$in$)$ from Excel to Word when preparing the report.The teams will be formed in class during Week $8$ of the term. I will also ask you to identify the "team leader" on the sign$-$up sheet.The team leader will be responsible for submitting all relevant Excel work through the link provided on Canvas.Excel sheets addressing items $1-5$ should be renamed $($e$.$g$.$ Task$1,$ Task$2,$ etc$).$ Each $3$ student team brings one printed copy of the final report to class on the due date. Team leader submits the Excel file with all work related to items $1-5$ on Canvas. You will be graded as a team $-$ collaborate and work together.