There are 7 questions pertaining to modeling, regression, and general stats. I am looking for input where my answers are incorrect or where you feel additional input would help.
1. Whenever r is calculated on the basis of a sample, the value which we obtain for r is only an estimate of the true correlation coefficient which we would obtain if we calculated it for the entire population
2. Which comment best represents the process of modeling:
a. a straight forward set of scientific steps
b. a series of mathematical processes
c. a thorough understanding of the business environment
d. combination of the art of knowing the business and the science of statistics.
3. Which of the following values of r indicates the most accurate predication of one variable from another?
a. r = 1.18
b. r = -.77
c. r = .68
d. r = .36
4. Which of the following best represents the difference between Data Analysis and modeling.
a. data analysis can be performed on smaller sets of data
b. data analysis can provide valuable variables
c. data analysis can identify patters of activity
d. data analysis frequently precedes modeling activity
e. All of the above
f. None of the above
5. Which of the following items are not one of the seven data quality dimensions?
c. Storage method
d. Changes to the data
6. Which, if any, of the values listed below for a correlation coefficient indicate a situation where more than half of the variation in one variable is associated with variation in the other variable?
a. r = -.7
b. r = .3
c. r = -.9
d. r = .6
e. none of the above
7. y-hat is not the same as the predicted value of y
This solution contains brief explanations and the identification of the correct answer. Concepts of statistics are explained like correlation, data changes, r^2 value, and y-hat.