SCENARIO 15-6 Given below are results from the regression analysis on 40 observations where the dependent variable is the number of weeks a worker is unemployed due to a layoff (Y)and the independent variables are the age of the worker ( ), the number of years of education received ( ), the number of years at the previous job ( ), a dummy variable for marital status ( 1 = married, 0 = otherwise), a dummy variable for head of household ( 1 = yes, 0 = no)and a dummy variable for management position ( 1 = yes, 0 = no). The coefficient of multiple determination ( )for the regression model using each of the 6 variables as the dependent variable and all other X variables as independent variables are, respectively, 0.2628, 0.1240, 0.2404, 0.3510, 0.3342 and 0.0993. The partial results from best-subset regression are given below:
-Referring to Scenario 15-6, the model that includes and should be among the appropriate models using the Mallow's statistic.

Question

SCENARIO 15-6 Given below are results from the regression analysis on 40 observations where the dependent variable is the number of weeks a worker is unemployed due to a layoff (Y)and the independent variables are the age of the worker (  ), the number of years of education received (  ), the number of years at the previous job (  ), a dummy variable for marital status (  1 = married, 0 = otherwise), a dummy variable for head of household (  1 = yes, 0 = no)and a dummy variable for management position (  1 = yes, 0 = no). The coefficient of multiple determination (  )for the regression model using each of the 6 variables  as the dependent variable and all other X variables as independent variables are, respectively, 0.2628, 0.1240, 0.2404, 0.3510, 0.3342 and 0.0993. The partial results from best-subset regression are given below: 
-Referring to Scenario 15-6, the model that includes  and  should be among the appropriate models using the Mallow's  statistic.

Quizplus · Accepted Answer

The Mallow's Cp statistic measures the quality of a model by balancing the fit of the model (measured by the residual sum of squares) with the number of variables in the model. A smaller value of Cp indicates a better model fit. In this scenario, the model that includes age of the worker and number of years at the previous job has a Cp value of 3.295, which is smaller than the Cp values of other models. Therefore, the model including these two variables is preferred and considered appropriate. The Mallow's Cp statistic measures the goodness of fit of a model while taking into account the number of variables used. A lower value of Mallow's Cp indicates a better fit. From the given coefficients of determination, the model with 11ebc114_12cd_676c_8acb_21f6050d2de5_TB8562_11 as the dependent variable has the lowest value of Cp. Therefore, the model that includes 11ebc114_12cf_152c_8acb_d1d1829a90d1_TB8562_11 and 11ebc114_12cf_152d_8acb_6f667318aa41_TB8562_11 along with the other variables should be among the appropriate models using Mallow's Cp statistic.

SCENARIO 15-6 Given Below Are Results from the Regression Analysis