Question
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.Savetheresultsofthesethreeregressionanalysesinaworksheetcalled RegrOutput inanExcelworkbookcalled Proj3Analysis .Usingtextboxes,asrequired,clearlylabelyouroutputto identifytheoutputassociatedwitheachofthethreeanalyses.Then,createeitherapdforMicrosoftWorddocumentcalled _Proj3Summary andplaceyourresponsestothefollowingonit:(10points) a.Whataretheestimatedregressionequationsassociatedwiththethreescenariosdiscussedabove?Clearlylistandidentifythem. b.Interpretthemeaningofeachoftheestimatedregressionequationsyou found.Discusstheusefulnessoftheinformationthatisprovidedbyeachof theestimatedregressionequationsandanylimitationsassociatedwiththem. c.Specifywhichoftheequationsyoupreferandwhy.Bespecificand definitivelyjustifyyourselection. d.DiscusswhetherornottheresultsassociatedwithyourpreferredregressionmodelcontradicttheaveragesalaryresultsreportedinthepivottableprovidedontheSalaryTableworksheetintheExcelworkbookMATH325_Project3.xlsx.Bespecificandpresentevidencetosupportyourconclusions. e.Usingyourpreferredregressionequation,calculateapredictedsalaryanda
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
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