Question
You plan to develop a regression model to investigate how various factors influence academic salaries. Before you conduct any regression analysis, you use Excel to
You plan to develop a regression model to investigate how various factors influence academic salaries.
Before you conduct any regression analysis, you use Excel to construct a correlation matrix of all the quantitative variables in the dataset. Based on the correlation matrix, comment briefly on the associations between Salary and other quantitative variables
You conduct a stepwise regression according to the following procedure:
Step 1: Gender only
Step 2: Gender and School
Step 3: Gender, School and Rank
Step 4: Gender, School, Rank and Years of Service
Step 5: Gender, School, Rank, Years of Service and Age
Choice of reference variable: It is recommended that you choose Health and ASSO as the reference variables for the categorical variables: School and Rank.
Present the regression output for each of the five steps.
| Faculty ID | Age | Years of Service | Rank | School | Gender M/F | Salary ($/year) |
| 1 | 49 | 22 | ASST | BUSINESS | F | 106632 |
| 2 | 31 | 0 | ASST | BUSINESS | F | 80000 |
| 3 | 34 | 2 | ASST | BUSINESS | F | 114666 |
| 4 | 34 | 0 | ASST | BUSINESS | F | 112000 |
| 5 | 41 | 6 | ASSO | BUSINESS | F | 119962 |
| 6 | 28 | 0 | ASST | BUSINESS | F | 110000 |
| 7 | 58 | 23 | ASSO | LIBERAL STUDIES | F | 94376 |
| 8 | 52 | 22 | ASST | LIBERAL STUDIES | F | 83506 |
| 9 | 35 | 6 | ASSO | LIBERAL STUDIES | F | 81124 |
| 10 | 37 | 7 | ASSO | LIBERAL STUDIES | F | 75116 |
| 11 | 42 | 7 | ASSO | LIBERAL STUDIES | F | 83568 |
| 12 | 30 | 3 | ASST | LIBERAL STUDIES | F | 66958 |
| 13 | 57 | 23 | PROF | LIBERAL STUDIES | F | 111758 |
| 14 | 53 | 23 | PROF | LIBERAL STUDIES | F | 110750 |
| 15 | 26 | 0 | ASST | LIBERAL STUDIES | F | 74000 |
| 16 | 59 | 30 | ASST | LIBERAL STUDIES | F | 98926 |
| 17 | 39 | 4 | ASST | LIBERAL STUDIES | F | 66190 |
| 18 | 51 | 19 | ASSO | LIBERAL STUDIES | F | 95138 |
| 19 | 38 | 4 | ASST | LIBERAL STUDIES | F | 66190 |
| 20 | 54 | 21 | ASSO | LIBERAL STUDIES | F | 84870 |
| 21 | 43 | 17 | ASSO | LIBERAL STUDIES | F | 78460 |
| 22 | 35 | 0 | ASST | LIBERAL STUDIES | F | 56700 |
| 23 | 31 | 3 | ASST | LIBERAL STUDIES | F | 63666 |
| 24 | 41 | 6 | ASSO | LIBERAL STUDIES | F | 76908 |
| 25 | 31 | 1 | ASST | LIBERAL STUDIES | F | 62776 |
| 26 | 56 | 21 | PROF | LIBERAL STUDIES | F | 105900 |
| 27 | 43 | 18 | ASSO | LIBERAL STUDIES | F | 90310 |
| 28 | 48 | 20 | ASSO | LIBERAL STUDIES | F | 92424 |
| 29 | 49 | 21 | ASST | HEALTH | F | 95386 |
| 30 | 49 | 17 | ASSO | HEALTH | F | 87098 |
| 31 | 40 | 7 | ASSO | HEALTH | F | 74218 |
| 32 | 32 | 1 | ASST | HEALTH | F | 64800 |
| 33 | 37 | 4 | ASST | HEALTH | F | 71314 |
| 34 | 54 | 24 | PROF | HEALTH | F |
Step by Step Solution
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Quantitative Analysis For ManagementAuthors: Barry Render, Ralph M. Stair, Michael E. Hanna 11th Edition 9780132997621, 132149117, 132997622, 978-0132149112 |
