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Regression Analysis- Wages and Experience

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A survey was carried out to determine whether wages earned by an individual have an linear relation with number of years he has worked. data is enclosed in Excel sheet attached.
Carry out regression analysis and discuss the results.

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Solution Summary

Regression analysis is done to check that wages earned by individual are dependent upon his experience years. Results are analyised in attached document.

Solution Preview

Plaese refer attached file for complete solution. Graphs and work done with the help of equation writer many not print here.

Solution:

The data set used has a sample size of 100 people that were surveyed. Objective is to study whether wages earned by an employee and number of years of experience form a linear relationship. The independent variable (X) is number of years of work experience and the dependent variable (Y) is wages in dollars.

The Regression analysis is done on MS Excel at 95% confidence level (meaning a significance level is 0.05). Results are summarized below.

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.070538612
R Square 0.004975696
Adjusted R Square -0.005177613
Standard ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
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