When do we use regression analysis? How can we use a discrete variable as one of the predictors?

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

 1. When do we use regression analysis? 

2. Using the following regression model, explain the characteristics (i.e., meaning and/or data type) of each component:

·         y and

·         x and  

3. Discuss the assumptions of a regression model. 

4. How do we estimate the parameters? 

5. Why do we need to reduce the number of predictors? 

6. What measures are used to evaluate the model fit/performance of estimation data? 

7. How can we use a discrete variable as one of the predictors?

8. How do we know whether the coefficient (i.e. is significant or not? (in other words, how do we conduct a t-test?)

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