The chair of the accounting department plans to develop a regression model to predict the grade point average in accounting for those students who are graduating and have completed the accounting major, based on the student's SAT score and whether the student received a grade of B or higher in the introductory statistics course (0 = no and 1 = yes).
a. Explain the steps involved in developing a regression model for these data. Be sure to indicate the particular models you need to evaluate and compare.
b. Suppose the regression coefficient for the variable whether the student received a grade of B or higher in the introductory statistics course is + 0.30. How do you interpret this result?