Project_C PMBA 305/Springâ??13Project_CSalary Survey after a MBA?The file salaryof newmba.xls contai

Project_C PMBA 305/Spring‘13Project_CSalary Survey after a MBA?The file salaryof newmba.xls contains a recent survey about new MBA graduates from the top 38 MBAschools in the U.S. Suppose you wanted to develop a regression model to predict the salary/bonus based onvariables that represent various factors about each MBA school. For example, if a student wants to go to aspecific MBA institution and finances his/her education through student loans, is it worth doing it? Orlooking at the employment rate within 6 month after his/her graduation is it worth doing it? Using EXCELor PHStat2, answer the following: The following is a minimum guideline about what you should analyze.You need to perform more in-depth analysis for a better grade than a C. For example, you may have to usesuch tools as confidence interval estimates, one or two-sample tests on the data to improve the quality ofyour report.a) State statistical objective(s) for the project.b) Perform EDA (Section 3.3) including numerical descriptive measures.c) Construct scatter diagrams for pairs of variables. Do any of these appear to have some association?d) From (b) and (c), does any simple linear model appear to hold? You may want to run some testing tosubstantiate your findings.e) Does a multiple regression model appear to hold? You may want to run some testing to substantiatewhy or why not. If so, is there more than one variable that may be used as a dependent variable?f) Is the regression significant? Report the results of the appropriate test, and interpret its meaning.g) Suppose now that you want to develop a regression model based on your choice of dependent variablesagainst various independent variables (of your choice), do the data on region play any role in yourmodel? Did you have to modify the region data in such a way that the location of each school makes asignificant contribution to your model? How about including the data on the type of schools (publicvs. private)?h) Do you find any interaction term in the model that makes a significant contribution to the model?i) Summarize and comment on your results.