Reference no: EM13845088
The personnel director for a local manufacturing firm has received complaints from the employees in a certain shop regarding what they perceive to be inequities in the annual salary for employees who have similar performance ratings, years of service and relevant certifications. The personnel director believes that an employee's pay in this particular shop should be positively correlated to their prior performance rating and years of service. The personnel director has collected the data shown in the following table pertaining to the employees within the shop.
|
Employee
|
Current Annual Salary (Thousands)
|
Average Performance Rating for Past 3 Years
(5 point scale)
|
Years of Service
|
|
1
|
48.2
|
2.18
|
9
|
|
2
|
55.3
|
3.31
|
20
|
|
3
|
53.7
|
3.18
|
18
|
|
4
|
61.8
|
3.62
|
33
|
|
5
|
56.4
|
2.62
|
31
|
|
6
|
52.5
|
3.75
|
13
|
|
7
|
54.0
|
4.25
|
25
|
|
8
|
55.7
|
3.43
|
30
|
|
9
|
45.1
|
1.93
|
5
|
|
10
|
67.9
|
4.50
|
47
|
|
11
|
53.2
|
2.81
|
25
|
|
12
|
46.8
|
3.06
|
11
|
|
13
|
58.3
|
5.00
|
23
|
|
14
|
59.1
|
4.06
|
35
|
|
15
|
57.8
|
4.12
|
39
|
|
16
|
48.6
|
2.31
|
21
|
|
17
|
49.2
|
3.87
|
7
|
|
18
|
63.0
|
4.37
|
40
|
|
19
|
53.0
|
2.50
|
35
|
|
20
|
50.9
|
2.81
|
23
|
|
21
|
55.4
|
3.68
|
33
|
|
22
|
51.8
|
3.50
|
27
|
|
23
|
60.2
|
3.00
|
34
|
|
24
|
50.1
|
2.43
|
15
|
1. Perform a simple linear regression analysis to predict an employee's annual salary based upon his or her average performance rating for the past 3 years using a 95% level of confidence.
- Does the regression model confirm a positive correlation between the dependent variable and the independent variable as hypothesized?
- Is the statistical significance of the model as a whole acceptable for a 95% level of confidence?
- Is the statistical significance of the linear relationship between the dependent and independent variable acceptable for a 95% level of confidence?
- What is the regression equation for the model?
- What is the predicted annual salary for employee number 13 based upon his or her average performance rating for the past 3 years, and what does the predicted salary value suggest regarding his or her current annual salary?
2. Perform a simple linear regression analysis to predict an employee's annual salary based upon his or her years of service using a 95% level of confidence.
- Does the regression model confirm a positive correlation between the dependent variable and the independent variable as hypothesized?
- Is the statistical significance of the model as a whole acceptable for a 95% level of confidence?
- Is the statistical significance of the linear relationship between the dependent and independent variable acceptable for a 95% level of confidence?
- What is the regression equation for the model?
- What is the predicted annual salary for employee number 13 based upon his or her years of service, and what does the predicted salary value suggest regarding his or her current annual salary?
3. Perform a multiple linear regression analysis to predict an employee's annual salary based upon his or her average performance rating for the past 3 years and his or her years of service using a 95% level of confidence.
- Is the statistical significance of the model as a whole acceptable for a 95% level of confidence?
- Is the statistical significance of the linear relationship between the dependent variable and each of the independent variables acceptable for a 95% level of confidence?
- What is the regression equation for the model?
- What is the predicted annual salary for employee number 13 based upon his or her average performance rating for the past 3 years and years of service, and what does the predicted salary value suggest regarding his or her current annual salary?
4. Which of the two simple linear regression models is the preferred model, and why?
5. Is the multiple regression model preferable to the preferred simple regression model, and why?
Hint: For the purposes of this homework assignment, the minimum difference between the R2 or Adjusted R2 values for two acceptable regression models that would favor selecting a model with a larger number of independent variables is 0.05.
|
Review the article by corbett focusing on three questions
: Review the article by Corbett, focusing on the three questions of Throughput Accounting and how Corbett addresses misconceptions about the Theory of Constraints.
|
|
What are some of the reasons a project may fail or succeed
: A project manager can use project management to create a plan for change. What are some of the reasons a project may fail or succeed? What steps can be put into place to ensure success and limit failed attempts
|
|
Mode of the distribution
: Problem 1: Use the given graph to find the mean, median, and mode of the distribution.
|
|
Relationships between a trusted and an untrusted network
: Discuss biometrics. Identify the most widely used technology and why this is the case. What are the relationships between a trusted and an untrusted network
|
|
Preferred simple regression model
: Which of the two simple linear regression models is the preferred model, and why? Is the multiple regression model preferable to the preferred simple regression model, and why?
|
|
What actions has brad boston taken
: What actions has Brad Boston taken since 2001 in centralizing Cisco's IT planning and strategies? Assess the impact of these actions on Cisco's performance.
|
|
How does facebook address these issues
: Five issues are discussed in the video: storage, electricity, heat, memory and space for growth. How does Facebook address these issues
|
|
Regression that examines whether age-gender
: Using the attached data set, please calculate a multiple regression that examines whether age, gender, and student's extroversion predict if a student wants the lecturer to be extroverted.
|
|
Description of the hiv and siv
: Description of the topic area - HIV-SIV. What role is it playing? You should have a grand total of 14 molecules by the end of the project, each with its own page.
|