Relative size of the coefficients

Assignment Help Basic Statistics
Reference no: EM13895069

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?

Reference no: EM13895069

Questions Cloud

Relationship between correlation and determination : c. Describe a different example of where the independent variable, while highly correlated to the dependent variable, does not cause the dependent variable to change directly. d. Discuss the differences and relationship between correlation and dete..
Describe a business process for recruiting students : Describe a business process for recruiting students. Describe information systems that could be used to support the business process in part d.
Relationship between the amount of money people : There is a strong relationship between the amount of money people spend and the amount people save (in other words, people who spend more tend to save more). Does this mean that you can improve your life savings by spending more money? Explain how..
Challenge of intercultural and interracial relationships : challenge of intercultural and/or interracial relationships
Relative size of the coefficients : 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 ..
Describe a business process for maintaining bicycles : Describe a business process for maintaining bicycles for both businesses. Describe a business process for acquiring bicycles for both businesses.
What are ten principles of evidence-based practice principle : What are the ten principles of evidence-based practice principles and rehabilitative approaches? Explain in detail. Do you think juvenile justice programs would be more successful if they followed these principles?
Do you think samantha has a competitive strategy : Do you think Samantha has a competitive strategy? What competitive strategy would seem to make sense for her? How would knowledge of her competitive strategy help her sales and marketing efforts?
Decide how much to change the money supply : Policymakers who want to stabilize the economy must decide how much to change the money supply, government spending, or taxes.Which of the following are reasons why it is difficult for policymakers to choose the appropriate strength of their actions?..

Reviews

Write a Review

Basic Statistics Questions & Answers

  Grade point averages-normally distributed

The grade point averages for 10 randomly selected high school students are listed below. Assume the grade point averages are normally distributed.

  Confidence interval-average ages for the viewers

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?

  Strategy for statistically testing new diabetics drug

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.

  Computing p-value for the hypothesis test

Determine the observed p-value for the hypothesis test and interpret this value. What does this mean?

  Month utilizing normal distribution

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

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

a country is considering raising the speed limit on a road because they claim that the mean speed of vehicles is

  Hypothesis testing using single factor anova

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.

  Test for significant difference among mean annual salaries

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

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

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

a large chain retailer purchases a certain kind of electronic device from a manufacturer. the manufacturer indicates

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd