The overall modeling process typically done in the business world ...

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The overall modeling process typically done in the business world always require seven steps: define the problem, collect and summarize data, formulate a model, verify the model, select one or more suitable decisions, present the results to the organization, and finally implement the model and update it through time.
 a. True
  b. False
   Indicate whether the statement is true or false

Question 2

Multicollinearity affects the t-tests of the individual coefficients as well as the F-test in the analysis of variance for regression because the F-test combines the t-tests into a single test.
  Indicate whether the statement is true or false

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Answer to Question 1

FALSE

Answer to Question 2

F