Operation management

Posted on 2014-04-25 11:14:00 in Operations Management by HELP!!!

A large school district is reevaluating its teachers' salaries. They have decided to use regression analysis to predict mean teacher salaries at each high school. The researcher uses years of experience and subject matter (Math, Science, English, Other) to predict salary. The raw data is given in the table below (you can copy it into Excel). (15 points)

Salary Yrs Exp

$24,265.00 5

$27,140.00 5

$22,195.00 2

$37,950.00 15

$32,890.00 11

$40,250.00 13

$36,800.00 9

$30,820.00 6

$44,390.00 18

$24,955.00 2

$18,055.00 1

$23,690.00 7

$48,070.00 20

$42,205.00 16

$24,265.00 6

$27,140.00 8

$36,875.00 7

$37,950.00 9

$32,890.00 1

$40,250.00 3

a. Please use Excel to produce a scatter plot of salary versus years of experience.
Please use Excel to run a simple regression of salary on years of experience.
b. Write down the regression equation and interpret the slope.
c. Are the coefficient estimates significant?

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