Santa Monica College Regression Analysis and Forecasting Problems Hi I need help on this one problem. Please keep the answers basic and use the excel sheet I have provided, PDF form only and not hand written.
6. The HR department is developing a model to estimate the market rate of salaries based on a random sample of financial analysts who responded to an anonymous survey. The following table contains the results from the survey.
Years of Experience,X1 Masters Degree (0=no, 1=yes), X2. Number of Full-time Employers, X3 Salary, Y
22 0 3 $140,000
8 0 2 $94,000
7 0 4 $69,000
6 0 5 $71,000
10 0 1 $80,000
17 0 1 $120,000
20 0 2 $128,000
18 0 3 $135,000
17 1 5 $128,000
17 1 5 $131,000
13 0 4 $117,000
18 1 1 $135,000
6 0 2 $78,000
25 0 4 $148,000
8 1 4 $107,000
16 0 5 $115,000
21 1 5 $157,000
16 1 3 $121,000
a. Determine the regression equation and adjusted R 2 based on including all variables in the survey.
b. Determine the regression equation and adjusted R 2 based on including only X1 and X2 variables.
c. Determine the regression equation and adjusted R 2 based on including only X2 and X3 variables.
d. Determine the regression equation and adjusted R 2 based on including only X1 and X3 variables.
e. Identify the best model from parts a to d, and use it to predict the salary for a financial analyst with 15 years of experience, no masters degree, and who worked at 3 previous full time employers.
f. Construct a correlation table and discuss how it is consistent with the best model on the basis of multicollinearity. Masters
Years of Experience,
Degree (0=no,
X1
1=yes), X2
Number of Full-time Employers, X3
22
0
3
8
0
2
7
0
4
6
0
5
10
0
1
17
0
1
20
0
2
18
0
3
17
1
5
17
1
5
13
0
4
18
1
1
6
0
2
25
0
4
8
1
4
16
0
5
21
1
5
16
1
3
Salary, Y
$140,000
$94,000
$69,000
$71,000
$80,000
$120,000
$128,000
$135,000
$128,000
$131,000
$117,000
$135,000
$78,000
$148,000
$107,000
$115,000
$157,000
$121,000
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