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In multiple regression, the relative size of the coefficients is not important. For example, your company may have a nationwide hiring program that focuses on hiring employees who have graduated from college in the past 3 years, and let's say you want to know what attributes of those graduates has the biggest influence on sales ($M) in their first year on the job. You hypothesize that the factors that will influence first year sales to be undergraduate GPA (GPA), years of experience since graduation (EXP), the quality of their undergraduate institution (RANK), and their performance on the Wonderlic test (TEST). You estimate the regression as:
SALES=1.23+5.03*GPA+.14*EXP-.41*RANK+.38*TEST
It is difficult to compare the size of the various coefficients because each of the independent variables is measured on a different scale. Undergraduate GPA is measured on a scale from 0.0 to 4.0. Experience ranges from 0 to 3. University ranking ranges from 1 to 4 (with 1 being the highest rank), and the Wonderlic test ranges from 0 to 50. Can you think of a way to compare the coefficients? If you are going to take this information to make a decision of where to focus your hiring, which element should you place the highest emphasis on?
The grade point averages for 10 randomly selected high school students are listed below. Assume the grade point averages are normally distributed.
Construct a 99% confidence interval on the difference of the average ages for the viewers of the two TV programs. How can you interpret this interval?
Let's say I have a new drug that I think helps diabetics. So I perform clinical trials in accordance with the FDA requirements. I give one randomly selected groups of diabetics the drug, and another sample gets a placebo pill.
Determine the observed p-value for the hypothesis test and interpret this value. What does this mean?
Findout the percentage of trainees earns less than $900 a month utilizing normal distribution.What percentage of trainees earns less than $900 a month?
robert stands three times on a pair of scales in a period of 5 minutes. the first time he weighs 92kg the second time
a country is considering raising the speed limit on a road because they claim that the mean speed of vehicles is
The results for college x was a mean of 5 hours and an estimated population variance of 2 hours: for college y, m= 4, s 2 =1.5; and for college Z, M= 6, s 2 =2.5 what should you conclude? Use the .5 level.
Excel or Minitab users: The data set is available in file named JobSalary. All data sets can be found in your eBook or on your Student CD. Use = .05 to test for a significant difference among the mean annual salaries for the three job fields.
data from the years 2000 through 2009 shows a strong positive association between consumption of cheese in u.s. per
the proportion of americans who are satisfied with the way things are going in there lives is 0.76. suppose that a
a large chain retailer purchases a certain kind of electronic device from a manufacturer. the manufacturer indicates
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