1.Supposewearetryingtoexplainvariationsinsalariesfortechniciansinaparticularfieldofwork.TheworksheetSalaryDataintheExcelworkbookData_MATH325_Project3.xlsx,whichisaccessibleviatheProject3assignmentcontainstheannualsalariesfor200technicians.Italsoshowshowmanyyearsofexperienceeachtechnicianhas,aswellashisorhereducationlevel.Therearefoureducationlevels,asexplainedinthecommentincellD3ontheSalaryDataworksheet.In

contemplatinghowtoexaminetherelationshipbetweensalaryandyearsofexperienceandeducationlevel,supposethreethoughtscometomind:

a.Theyearsofexperienceandtheamountofeducationatechnicianhasshouldberelatedtohisorhersalary.Inthiscase,onemaybetemptedtoregressSalarylinearlyversusthetwovariables:YrsExperandEducLev.

b.Atechnician'ssalarydependsonhisorheryearsofexperience,butwhenit comestoeducationallthatreallymattersiswhetherornotthetechnicianhasacollegedegree.Inthiscase,onemaywanttoregressSalary

versusYrsExperandadummyvariableindicatingwhetherornotatechnicianhasacollegedegree.

c.Whenitcomestoeducation,differentlevelsofeducationmayimpacta technician'ssalarylevel.Inthiscase,onemaywanttoregressSalarylinearlyversusYrsExperanddummyvariablesthatappropriatelyaccountforthedifferenteducationlevels.

2.UsingtheregressionprocedureprovidedintheAnalysisToolpakinExcel,runtheindicatedregressionsassociatedwiththethreescenarios

above.SavetheresultsofthesethreeregressionanalysesinaworksheetcalledRegrOutputinanExcelworkbookcalled Proj3Analysis.Usingtextboxes,asrequired,clearlylabelyouroutputto identifytheoutputassociatedwitheachofthethreeanalyses.Then,createeitherapdforMicrosoftWorddocumentcalled_Proj3Summaryandplaceyourresponsestothefollowingonit:(10points)

a.Whataretheestimatedregressionequationsassociatedwiththethreescenariosdiscussedabove?Clearlylistandidentifythem.

b.Interpretthemeaningofeachoftheestimatedregressionequationsyou

found.Discusstheusefulnessoftheinformationthatisprovidedbyeachof

theestimatedregressionequationsandanylimitationsassociatedwiththem.

c.Specifywhichoftheequationsyoupreferandwhy.Bespecificand

definitivelyjustifyyourselection.

d.DiscusswhetherornottheresultsassociatedwithyourpreferredregressionmodelcontradicttheaveragesalaryresultsreportedinthepivottableprovidedontheSalaryTableworksheetintheExcelworkbookMATH325_Project3.xlsx.Bespecificandpresentevidencetosupportyourconclusions.

e.Usingyourpreferredregressionequation,calculateapredictedsalaryanda

95%predictionintervalforeachofthefourworkerslistedontheSalaryPredictworksheetintheExcelworkbookMATH325_Project3.xlsx.

data link - https://drive.google.com/file/d/1lYv4keEvbUQ4gn4ZRjYr8BfUUMJOTy2H/view?usp=sharing