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TABLE 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 (X₁), the number of years of education received (X₂), the number of years at the previous job (X₃), a dummy variable for marital status (X₄: 1 = married, 0 = otherwise), a dummy variable for head of household (X₅: 1 = yes, 0 = no) and a dummy variable for management position (X₆: 1 = yes, 0 = no).
The coefficient of multiple determination (R) for the regression model using each of the 6 variables Xⱼ 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 Table 15-6, what is the value of the Mallow's Cp statistic for the model that includes all the six independent variables?
Satisficing
A decision-making strategy that aims for a satisfactory or adequate solution rather than the optimal one.
Work Schedule
The planned hours and days that an employee is expected to work within a given period.
Evaluates
The process of assessing or determining the value, significance, or condition of something, often for the purpose of making decisions or drawing conclusions.
Escalation of Commitment
Is a pattern of behavior in which an individual or group continues to invest in a decision despite evidence of its ineffectiveness or the likelihood of negative outcomes.
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