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STATS - Unemploymenet related Problems

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Question;2. The cost of;unemployment is a major issue both at the state and federal levels. What drives the cost is not only the number;of unemployed but also the length of unemployment for each person. The longer a person is unemployed, the higher;the cost to governments and businesses.;To address the factors driving the length of unemployment for the;manufacturing sector, data was collected on the number of weeks a person is;unemployed due to a layoff along with a series of independent variables as;shown below.;Edu: The number of years of education.;Married: An indicator of whether (Y) or not (N) a;person is married.;Head: An indicator of whether (Y) or not (N);the person is the head of a household.;Tenure: The number of years on the most recent;job.;Manager: An indicator of whether (Y) or not (N) the;person was in a management position. Sales: An;indicator of whether (Y) or not (N) the person was in a sales occupation.;Age: The current age (in years) of the;individual worker;The table;shown below is data for 50 displaced workers.;This data set is also on Canvass;(Exam folder) in Minitab format (LAYOFFS.MTW) so you don?t have to;re-enter the data.;(a) Develop an estimated regression model to predict length of;unemployment using all of the variables.;(b) State the hypotheses one needs to test for significance of the;model developed in part (a).;(c) Is the model developed in (a) significant at a 5% significance;level? Explain.;(d)State and interpret the R2 value.;(e) Conduct a residual;analysis and comment on the results.;(f) Are all of the variables in the full model significant? If not, which ones are not significant? Explain.;(g) Is there any problem with multicollinearity? Explain.;If so what should one do about it?;(h) Develop your own model which;you think is the most appropriate predictor of weeks of unemployment. Explain the results and why you think this;is the best model.;(i) Using your best model, what would be the estimated length of;unemployment a person with the following characteristics: Age = 40, Education level = 16 years;Married, Head of household, Tenure = 18 years, Not a manager, Not in a sales;occupation.;(j) Develop and;interpret a 95% confidence interval and prediction interval for the individual described in part (i) above.;(k) How might the results;of your model be used to help both state and federal government deal with the;length of unemployment problem?;Weeks Age Educ Married HeadTenureManager Sales;37 30 14 Y Y 1 N N;62 27 14 Y N 6 N N;49 32 10 N Y 11 N N;73 44 11 Y N 2 N N;8 21 14 Y Y 2 N N;15 26 13 Y N 7 Y N;52 26 15 Y N 6 N N;72 33 13 N Y 6 N N;11 27 12 Y Y 8 N N;13 33 12 N Y 2 N N;39 20 11 Y N 1 N N;59 35 7 Y Y 6 N N;39 36 17 N Y 9 Y N;44 26 12 Y Y 8 N N;56 36 15 N Y 8 N N;31 38 16 Y Y 11 N Y;62 34 13 N Y 13 N N;25 27 19 Y N 8 N N;72 44 13 Y N 22 N N;65 45 15 Y Y 6 N N;44 28 17 N Y 3 N Y;49 25 10 Y Y 1 N N;80 31 15 Y N 12 N N;7 23 15 Y N 2 N N;14 24 13 Y Y 7 N N;94 62 13 N Y 8 N N;48 31 16 Y N 11 N N;82 48 18 N Y 30 N N;50 35 18 Y Y 5 N N;37 33 14 N Y 6 N Y;62 46 15 N Y 6 N N;37 35 8 N Y 6 N N;40 32 9 Y Y 13 N N;16 40 17 Y N 8 Y N;34 23 12 Y Y 1 N N;4 36 16 N Y 8 N Y;55 33 12 Y N 10 N Y;39 32 16 N Y 11 N N;80 62 15 Y N 16 N Y;19 29 14 Y Y 12 N N;98 45 12 Y N 17 N N;30 38 15 N Y 6 N Y;22 40 8 Y Y 16 N Y;57 42 13 Y N 2 Y N;64 45 16 Y Y 22 N N;22 39 11 Y Y 4 N N;27 27 15 Y N 10 N Y;20 42 14 Y Y 6 Y N;30 31 10 Y Y 8 N N;23 33 13 Y Y 8 N N

 

Paper#62005 | Written in 18-Jul-2015

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