Regression analysis

Question Description

Regression analysis is a powerful statistical method that allows you to examine the relationship between two or more variables of interest. While there are many types of regression analysis, at their core they all examine the influence of one or more independent variables on a dependent variable.

Key Terms

An explanatory variable (X) is a type of independent variable. The two terms are often used interchangeably. But there is a subtle difference between the two. When a variable is independent, it is not affected at all by any other variables. When a variable isn’t independent for certain, it’s an explanatory variable.

An explained variable (Y) is a type of dependent variable. It is the variable in which we are interested. The effects of the explanatory variables are present in the explained variable.

Hypothesis

Ho: X is not a significant factor in explaining Y

Ha: X is a significant factor in explaining Y

P Value — This is the probability of making a Type I error.

Rejection rule — If P <= alpha, we reject the Ho.

How to Solve the Case Study

Regression Analysis

Questions

Which factors are significant in predicting wages?
How much explanatory power do these factors have together?
Of those factors that are significant, which has the highest impact on wages?
Use those factors to predict the wages for each of the following individuals
- Joe is a 48 year old married man with 22 years education, 25 years experience, and lives in Louisiana.
- Monica is a 50 year old single woman with 18 years education, 35 years experience, and lives in Texas.
- Jamal is a 58 year old married man with 16 years education, 40 years experience, and lives in NYC.
- Izzy is a 35 year old married man with 12 years education, 20 years experience, and lives in Florida.
- Input your own stats and see what your wages would be.



^{Have a similar assignment? "Place an order for your assignment and have exceptional work written by our team of experts, guaranteeing you A results."}

Our Service Charter

1. Professional & Expert Writers: Eminence Papers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Eminence Papers are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Eminence Papers are known for the timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Eminence Papers, we have put in place a team of experts who answer all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.