Are the following variables correlated? Draw scatter plots, compute the correlation coefficient, and test if the correlation is significant.

Deliverable

  1. Submit a 2–3-page report to the MBA director of the business school. The following questions should be addressed in your report. It is not necessary to write your report exactly in the same sequence the questions are presented below.
  2. Attach a Technical Appendix that clearly shows all the statistical procedures and calculations used in your analysis and in drawing your calculation. This part meant to render the rigor in your analysis.

Correlation Analysis

Are the following variables correlated? Draw scatter plots, compute the correlation coefficient, and test if the correlation is significant.

  1. GMAT Score and overall GPA (Note: there is no variable that captures the overall GPA, so a new variable GPA, has been created in the data file. This is the average of the fall and spring GPA of a student)
  2. Starting salary and
    1. GMAT score
    2. Overall GPA
    3. Years of experience

Salary Model

You are interested to know how well the starting salary (for graduates from this particular school) can be estimated based on academic performance, gender, and years of work experience.

  1. Run a regression analysis to estimate starting salary based on academic performance (GMAT score and GPA), and years of work experience. Does each of the individual variables have a significant relationship with starting salaries? Identify the one(s) that don’t.
  2. Add Gender to your regression analysis (Note: A new Dummy variable called ‘Gender_DV’ has been created in the data file for you. Please make sure that you check the “Values” field in the data file to know which gender has been coded as ‘0’ and which gender has been coded as ‘1’. Your interpretation will depend on this). Does the inclusion of the dummy variable change any of your findings? How?
  3. It is possible that the effect of academic performance and work experience on salary vary by gender? In other words, gender may interact with academic performance and/or work experience. (Note: Three interaction variables, Gender_GMAT, Gender_GPA, and Gender_WorkYear, have been created for you in the data file.)

    Run a regression analysis to estimate starting salary based on academic performance (GMAT score and GPA), and years of work experience, including interaction with the gender variable. Please make sure that your final model is the one with the best predictive power and where all predictors are significant (you may use Stepwise regression where the software automatically chooses the best model).

    1. What does your final model reveal about the relationship between salary, academic performance, and work experience? Think about the relationship of each of the variables as well as any significant interactions you have identified.
    2. How good is your model?
  1. Write a brief report for the MBA director about what your analysis (based on the data provided) reveals about student salary potentials. Include limitations of your analysis—what you do not know, what you wish you knew etc. Provide your suggestions to the MBA director about what additional data and/or variables should be collected for future analysis.
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