The file P11_56.xlsx contains data on 80 managers at a large (fictitious) corporation. The variables are Salary (current annual salary), YrsExper (years of experience in the industry), YrsHere (years of experience with this company), and MglLevel (current level in the company, coded 1 to 4).
You want to regress Salary on the potential explanatory variables. What is the best way to do so?
Specifically, how should you handle Mg1Level? Should you include both YrsExper and YrsHere or only one of them, and if only one, which one? Present your results, and explain them and your
reasoning behind them.