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Financial advising
Dealing with a large collection of categories complicates a regression, and software does not always provide the needed tools. The follow- ing procedure is often helpful. Rather than add State to the regression (as in the previous question), save the residuals from the model in Table 4. Then use a one-way analysis of variance (ANOVA) to discover whether the average residual in any pair of states is statistically significantly different.
(a) Does the F-statistic of the one-way ANOVA detect a statistically significant difference among the averages? Does the result differ from the partial F obtained by adding State directly to the regression? Explain.
(b) Do any pairs of states have statistically signifi- cantly different means? With so many compari- sons, be sure to use an appropriate adjustment for multiple comparisons.
(c) How could you incorporate these differences into the regression model without adding the 50 coef- ficients needed to represent State?
At 0.05 level of significance, is there evidence that proportion of claims processed under this new system is higher than article reported for previous system?
1. What is the distinction between distribution-free methods and nonparametric methods?
consider the following summary data on the modulus of elasticity times106 psi for lumber of three different grades in
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A local bakery uses its stock of sugar according to demand for its products. Indeed, the weekly sugar use follows approximately a normal distribution with mean 2,400 lb. and with standard deviation 400lb.
"MagTek" electronics has developed a smart phone that does things that no other phone yet released into the market-place will do. The marketing department is planning to demonstrate this new phone to a group of potential customers, but is worried abo..
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Given that this sample is extremely large, can the responses be considered to be representative of the population of the United States? Explain.
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The data for the cats, you realize that if you now include data from one more cat, Redbeard, the mean whisker length of the cats becomes 10.514 cm. What was Redbeard's mean whisker length?
as part of a large ongoing study on the treatment of women with breast cancer the treatment time in months of eight
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