Here are some data from 25 randomly selected workers. Note that you can download

Question

Here are some data from 25 randomly selected workers. Note that you can download these data from the link provided in the "additional resources section of the unit. Using Excel data analysis tool, run a multivariate regression analysis with annual salary as the dependent variable and the other three variables as the independent variables annual salary (in 1000) months on job years of education N people you supervise 18 12 12 2 29 12 13 14 1 12 0 201 4 25 22 14 10 50 2 18 0 80 264 21 56 27 8 14 40 18 1 45 45 19 25 50 2 19 65 120 20 40 30 4 15 6 48 65 16 30 25 22 150 300 80 12 20 35 2 15 95 23 21 98 66 3 20 270 150 16 222 267

Explanation / Answer

Using Minitab:

Regression Analysis: annual salar versus months on jo, years of edu, people you s

Analysis of Variance

Source DF Adj SS Adj MS F-Value P-Value
Regression 3 30187.2 10062.4 261.84 0.000
months on job 1 178.6 178.6 4.65 0.043
years of education 1 4587.0 4587.0 119.36 0.000
people you supervise 1 8182.9 8182.9 212.93 0.000
Error 21 807.0 38.4
Total 24 30994.2

Model Summary

S R-sq R-sq(adj) R-sq(pred)
6.19913 97.40% 97.02% 95.18%

Coefficients

Term Coef SE Coef T-Value P-Value VIF
Constant -48.93 7.93 -6.17 0.000
months on job -0.0422 0.0196 -2.16 0.043 1.29
years of education 5.396 0.494 10.93 0.000 1.83
people you supervise 0.2874 0.0197 14.59 0.000 1.48

Regression Equation

annual salary (in 1000) = -48.93 - 0.0422 months on job + 5.396 years of education
+ 0.2874 people you supervise

Variable Setting
months on job 16
years of education 22
people you supervise 267

Fit SE Fit 95% CI
145.837 3.99583 (137.527, 154.146)

The predicted annual salary for the last observation is 145.837~~146

Hope this will be helpful. Thanks and God Bless You:-)

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