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Each year a nationally recognized publication conducts its "Survey of America's Best Graduate and Professional Schools." An academic advisor wants to predict the typical starting salary of a graduate at a top business school using GMAT score of the school as a predictor variable. Total GMAT scores range from 200 to 800. A simple linear regression of SALARY versus GMAT using 25 data points shown below.

= -92040

₁ = 228 s = 3213 R² = 0.66 r = 0.81 df = 23 t = 6.67
Give a practical interpretation of

= 228.

▸ We estimate GMAT to increase 228 points for every $1 increase in SALARY.

▸ The value has no practical interpretation since a GMAT of 0 is nonsensical and outside the range of the sample data.

▸ We estimate SALARY to increase $228 for every 1-point increase in GMAT.

▸ We expect to predict SALARY to within 2(228) = $456 of its true value using GMAT in a straight-line model.

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Statistics: Informed Decisions Using Data

Edition: 5^th

Author: Sullivan

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