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Title: Multiple Regression Summary

 Using the same model below, thoroughly assess the model's diagnostics. Identify all relevant assessment dimensions, briefly outline their purpose and importance, and provide an assessment of your model in terms of the identified diagnostic measures.  Submit your response in a 2- to 3-page Microsoft Word document



The following criteria must be followed


Used the multiple regression model created and provided a thorough assessment of your model's diagnostics. 10 pts

  1. Identified all relevant assessment dimensions. 10 pts
  2. Briefly outlined the purpose and importance of the assessment dimensions. 10pts
  3. Provided an assessment of your model in terms of the identified diagnostic measures. 10pts
  4. Presented a structured document free of spelling and grammatical errors. 10pts
  5. Demonstrated an understanding of the purpose of each diagnostic. 10pts
SUMMARY OUTPUT            
Regression Statistics          
Multiple R 0.670997975          
R Square 0.450238283          
Adjusted R Square 0.444874754          
Standard Error 0.892835013          
Observations 415          
  df SS MS F Significance F  
Regression 4 267.6666159 66.91665398 83.94441192 5.07747E-52  
Residual 410 326.8332877 0.79715436      
Total 414 594.4999036        
  Coefficients Standard Error t Stat P-value Lower 95% Upper 95%
Intercept 10.40602497 0.250621462 41.52088526 5.9961E-149 9.913361629 10.89868831
WealthScore 0.006921181 0.00077941 8.880023395 2.11326E-17 0.005389042 0.008453319
NumberOfChildren -0.046189667 0.036967544 -1.249465377 0.212207716 -0.118859237 0.026479903
EstimatedMedianFamilyIncome 1.2417E-05 1.5702E-06 7.907868972 2.45258E-14 9.3303E-06 1.55036E-05
own 0.076760417 0.046756309 1.641712507 0.101416378 -0.015151581 0.168672415
Although, we've reduced it to a 4-variable model, the R-square value didn't detorie much!! So we can say this is a good model. In terms of goodness-of-git too it is a good model as the MSE is very less.

The R^2 is only .45 though, which means, this model explains only 45% variability in the data.

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