Imagine you are interested in researching the relationship between job experience and income among early-career working professionals.You take a random sample of 32 professionals from the nearest city,and you ask them to report their annual income and submit a resumé outlining their professional experience.You later calculate their years of experience from their resumés.You compute the following information:
Assume,for the above example,that you calculated the estimated standard error of the estimate to be,11.20.How should this standard error of the estimate be interpreted?
A)It gives you an indication of the inaccuracy in predicting income from years of experience.
B)It gives you an indication of the inaccuracy in predicting years of experience from income.
C)Both a and b
D)Neither a nor b

Question

Imagine you are interested in researching the relationship between job experience and income among early-career working professionals.You take a random sample of 32 professionals from the nearest city,and you ask them to report their annual income and submit a resumé outlining their professional experience.You later calculate their years of experience from their resumés.You compute the following information: 
Assume,for the above example,that you calculated the estimated standard error of the estimate to be,11.20.How should this standard error of the estimate be interpreted?
A)It gives you an indication of the inaccuracy in predicting income from years of experience. 
B)It gives you an indication of the inaccuracy in predicting years of experience from income. 
C)Both a and b 
D)Neither a nor b

Quizplus · Accepted Answer

The estimated standard error of the estimate gives an indication of the inaccuracy in predicting income from years of experience. It represents the standard deviation of the distribution of sample means of the estimated regression coefficients, and reflects the variability of the data around the regression line. A higher standard error indicates that the data points are more spread out, making it more difficult to accurately predict income based on years of experience.

Imagine You Are Interested in Researching the Relationship Between Job