Provide a statistical interpretation of the coefficient

Reference no: EM132640343

GrossDrugCost = B0 + B1 * RiskScore + B2 * Age + B3 * Gender + ε

Question 1: Provide a statistical interpretation of the coefficient, standard error, T-stat and P-value for the gender variable. Provide a practical explanation of the information to senior management.

Question 2: Provide a statistical interpretation of the coefficient, standard error, T-stat and P-value for the age variable. Provide a practical explanation of the information for senior management.

Question 3: Explain why the coefficient, standard error and T-stat for the RiskScore variable are different in this model than they were in Model 1.

Question 4: Provide a statistical interpretation of the coefficient, standard error, T-stat and P-value for the intercept. Provide a practical explanation of the information to senior management.

Question 5: Compare the adjusted R-squared values between Models 1 and 2. Are they the same or different? Why? What could you conclude about the differences (if any) in the adjusted R-squared values?

Question 6: Senior management wants to know the expected gross drug costs of the average customer. That is, for the median value of the RiskScore, age and gender, what would you expect the average gross drug costs to be? What is the 95% confidence interval for this estimate?

Question 7: Which independent variable has the largest effect on the gross drug costs?

Attachment:- Gross Drug.zip

Reference no: EM132640343

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