As part of their Science Festival, a group of university undergraduates is attempting to build a multiple regression model that could help homeowners to predict the amount spent on electricity based on the following parameters (independent variables):

Number of Occupants in the house

Floor Area of the House

Number of Window Opening in the house

Number of Lightings in the house

Age of the Air-conditioner

Average Daily Temperature

Based on 100 household data surveyed randomly from the neighbourhood, they discovered that only these parameters are truly significant for the multiple regression model:

Number of Occupants in the house

Floor Area of the House

Number of Window Opening in the house

Number of Lightings in the house

With that, the group submitted their project report with the regression model equation that contains the above reduced set of parameters.

You are the judge for the project. Discuss whether there are other statistical analysis needs to be performed before approving the revised result. Justify your answer with example(s) or evidence(s).