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Author Question: Each year a nationally recognized publication conducts its "Survey of America's Best Graduate and ... (Read 265 times)

ENagel

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on: Jan 16, 2020
Each year a nationally recognized publication conducts its "Survey of America's Best Graduate and Professional Schools." An academic advisor wants to predict the typical starting salary of a graduate at a top business school using GMAT score of the school as a predictor variable.  Total GMAT scores range from 200 to 800.  A simple linear regression of SALARY versus GMAT using 25 data points shown below.
= -92040  1 = 228  s = 3213  R2 = 0.66  r = 0.81  df = 23  t = 6.67
Give a practical interpretation of = 228.
◦ We estimate GMAT to increase 228 points for every $1 increase in SALARY.
◦ The value has no practical interpretation since a GMAT of 0 is nonsensical and outside the range of the sample data.
◦ We estimate SALARY to increase $228 for every 1-point increase in GMAT.
◦ We expect to predict SALARY to within 2(228) = $456 of its true value using GMAT in a straight-line model.
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Marked as best answer by ENagel on Jan 16, 2020

mcarey591

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Reply #1 on: Jan 16, 2020
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